GUEST BLOG: Ross Meurant – Fiduciary acumen of former National Party Cabinet

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Media reports say it all.

Key said an internal investigation begun three months ago in Australia by group chief executive Shayne Elliot in Australia covering multiple senior executives had revealed “anomalies”, which the ANZ New Zealand board were told about three months ago.

It was announced on Monday that Hisco has left ANZ.

Question?  Why was it the Aussie and not the Kiwi who found the rot on this side of the Tasman? Where was John Key?

TDB Recommends NewzEngine.com

ANZ chairman and former prime minister John Key says a review of outgoing chief executive David Hisco’s expenses did not include the purchase of his beach house.

The house at 43 Success Court, Omaha, is now owned by Hisco and associates. It was previously owned by John and Bronagh Key.

Four Mainzeal directors, including former prime minister Dame Jenny Shipley, have been found liable for $36 million of damages over the collapse of the once-proud construction company.

Shipley and fellow directors Richard Yan, Peter Gomm and Clive Tilby breached their legal duties as directors, the judge found, but he ruled Yan bore a higher level of responsibility for losses, having “induced” the other directors to breach their duties.

In his only media interview since the $127 million Lombard Finance collapse, company chairman Sir Douglas Graham tells NBR Online of his shame, ordeal and calamitous fall from grace.

On the eve of being sentenced for giving misleading information about the state of Lombard’s loan book just before the company fell, Sir Douglas Graham is on an emotional roller coaster ride. 

 

Ross Meurant is a former Police Officer, Politician and author 

8 COMMENTS

  1. Great post.

    Questions should also be, why ANZ only noticed the expenses after 9 years.

    Should they be in charge of a bank?

    Why do OZ banks get to self certify risk when they can’t even keep up with CEO expense claims for 9 years?

    Why it has been leaked in the first place to discredit Hisco? Aka it does not exactly seem like a major offence he committed and he doesn’t even have to pay the money back because it is not fraud.

    Questions like, did the board just want to get rid of Hisco because he was on sick leave and when he wouldn’t go, leaked this scandal?

    Questions like maybe hey didn’t want to pay his out his equity entitlement of millions so decided to try and get dirt on him and create a fake scandal to make him stand down?

    Was Hisco on sick leave and stood down and this scandal all over the MSM because he was NOT on board with what the board were doing?

    Will be then be a ‘scapegoat’ when more bad stuff about ANZ practises come out, so the board can pretend it was all on him?

    Who knows, but something does not smell right, here!

    • SaveNZ – The bad smell here emanates from (a) John Key seeming to me to be doing a Paula B by trying to make himself look like a pillar of salt – oops a pillar of virtue – by dragging someone else down, and from (b) ‘trial by media’ which always stinks to high heaven.

      Hisco’s chauffeur-driven car is no big deal – to me, that is. I know- but John Key may not – that top professional professional people are on the job 24×7. And what’s more, they are expected to be available 24×7 as any top surgeon – who hasn’t died young – can verify.

      I’m not saying that Hisco was a ‘top person’, I am simply saying
      that there are categories of people whose job practically encompasses every waking and sleeping hour.

      If, however, the New Zealand ANZ Board were oblivious to the anomalies on their own patch, then perhaps they are not exactly top people themselves.

      Flogging off a spare house to a mate is no big deal either, I mean it saves on estate agent’s fees, and it should be no obstacle to kicking a bloke when he is down and the deed signed off.

      But, as a fairly simple sort of person, I can’t figure out why have a whole board of highly paid persons if only one is accountable ?

      I really hope that Mr Hisco gets better, so that the ANZ can address its questionable processes in an equitable fashion without having to wallow in the gutter… in winter esp.

    • @ SAVENZ

      “Who knows, but something does not smell right, here!”
      No shit. Ba ha !
      If I’m correct in thinking, and not a common or garden variety of mad, there may be external influences at work here. No banking irregularities are ever going to be revealed here ( AO/NZ) . Ever. fay and richwhite, chandler and hart, gibb and todd would never,ever let that happen. Is that not so @ Minister Damien O’conner? What are your feelings on that winston peters?
      Here’s what I think: Puppy dogs! And my girl giving me smooches! Wait, there’s more?
      Has the Crown begun to covertly pick away the pus that’s rotting around our economy? Or has someone pissed off the Aussies or the darkened room full of elite banksters have come to terms with having parasitised our farmers for too long so who’s going to fall on their sword first to ease up on the cockie because fuck!? Are we going to need them and sooner rather than later.
      What do you reckon Damien?
      https://www.rnz.co.nz/news/country/392242/farm-debt-mediation-scheme-gets-government-backing
      Poor little doug.
      I found my mum, crying holding a gun to her head having learned that her farm was swindled from her by the manager of the bnz in timaru. A debt they claimed we owed them after they lost a significant amount of our money into their internal organs. That, ignited a catastrophic series of events which soon burned out of control.
      In 1989, after seven years whereby my father tried, in vein, to have the bnz investigated, the bnz foreclosed on us. They made $310,000.00 dollars from interest on a sum of money that started out at $27K at rates of up 21%. The creature who bought our property, 3000 acres, for the convenient sum of $310,000.00 was a golfing buddy and drinking companion of the manager of the timaru branch of the bnz. ( As a side note: His son who ran our old property for his purchaser father was arrested for the theft of some of our chattels in storage from what was our neighbours adjoining property. The little shit got diversion… Then he did it again.)
      So, you think you know what an emotional roller coaster ride is do you doug? Poor you. Poor little lamb. Life must be so hard for you.
      Here’s one for you doug. And jenny and ruth etc.
      This song is why I also usually only wear black and while I’m no God botherer;
      Johnny Cash.
      God’s Gonna Cut You Down.
      https://youtu.be/eJlN9jdQFSc
      Great Post @ RM. Thanks.

  2. Because shit rolls down hill. The higher ups and yes there are even high ups than the Group CEO. But essentially bankers are rewarding for thing on more risky behaviour. It’s one of the few jobs where the middle workers can earn more than the bosses, by being risky and essentially braking laws, for increased financial compensation. So changing a 1 to 1 million with the stroke of a Keyborad. There are numerous examples of bankers from branch managers right up to today with ANZ Chairman John Key fudging the numbers by leaving out about $200 million from its risk profile so that they didn’t have to keep as much money in reserve – https://www.msn.com/en-nz/money/finance/ex-bnz-chairman-says-sir-john-key-should-resign-from-anz/ar-AACdlSI?li=BBqddE1&p=DevEx%2C5109.1

    They all do it. They all bullshit. You have to in a mark to model accounting set up. So the market presents prices and it’s the bankers job to create the model that pays future prices or fortune telling. We don’t have to respect it because it’s bullshit. When some one is caught fudging the numbers we don’t have to respect them because they’re bullshit.

  3. It is my belief that Key may have been a contender to return for National as leader of the party in 2017…..due to a lack of favourable options within the current Nat party….if so watch comeback media stories such as Rocky, and maybe even a cameo from Tiger Woods…..

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