THE TRUSTED VOICE OF THE AUTO INDUSTRY FOR MORE THAN 30 YEARS www.autofile.co.nz May 2017 Forex creditors urge Specialised training that’s SFO investigation proven to Creditors owed money from failed Forex Brokers Limited have increase profits walked away from their first meeting with liquidators still no wiser as to how Forex lost $16 million of their funds. ComCom utofile understands that creditors on the newly formed associated with Forex director warns a number of the 120-plus Forex creditors’ committee, says Russell Maher. But the properties, traders creditors hit by the Forex he wants to encourage everyone a family home in Auckland and an Acollapse are dealers operating in affected by the collapse of Forex investment property in Hasting, are p 6 the Hamilton region. to lodge a complaint with the held in trusts. One Hamilton dealer, who lost Serious Fraud Office. “There were no true answers $500,000 when Forex went into from the meeting. Do you keep liquidation on April 10, says the throwing money at it to pay the Remembering information they were given by “I didn’t learn liquidators?” Bob McMillan liquidators PKF Corporate Recovery anything new at the Darryn says he initially invested & Insolvency during the May 10 $300,000 on the foreign exchange meeting in Auckland was “pretty creditors meeting. with Forex during 2015. p 9 much what we have heard from the I don’t think we “We were sucked into that start. We are no better off”. are going to get thinking it was a good thing. We “There is no money. There’s got regular buy and sell sheets,” MTA’s centenary no hope at the moment. There’s our money back.” - he says. The dealer then invested probably not enough money to Robert Heaphy, investor another $200k. He says about a pay the liquidators,” he says. month before Forex went in to The man, who only wants to be “There have already been five liquidation, he asked for some of known as Darryn, says about 30 official complaints to the SFO. I his money back but was told it was creditors at the Auckland meeting do hope that (the SFO) looks in to in overseas investments and he p 10 have agreed to retain PKF as the it and then there could be legal could lose money if he cashed it in. official liquidators and for it to ramifications,” he says. “Then it was 10 days later that I p 16 continue to investigate Forex and He believes Forex may have got a notice about the liquidation. perhaps discover where the money paid out failed investments with I am about the thirteenth biggest has gone and what went wrong. new money. creditor. It is very disappointing as I But he says the investigation could Darryn says the liquidators have haven’t done anything wrong,” the take six to 18 months. put a legal hold on two properties, trader says. The best from Shanghai Darryn, who is one of five which are worth about $2.5 million, “But the money can’t just [continued on page 4] GLOBAL VEHICLE LOGISTICS NZ - JAPAN - AUSTRALIA - UK - EUROPE Where on earth are all your vehicles? Find them with Jacanna's new Global Tracking System* (GTS) Track your vehicles in real time anywhere in the supply chain from Japan to your yard Visit www.jacanna.co.nz to find out more www.jacanna.co.nz Tel. +64 9 825 0888 *in partnership with Japan Forwarding Agency Where on earth are all your vehicles? Call Steve Owens now on 021 947 752 GUEst EDItorIAL My, how times have changed … Frank Willett has been involved in the used imported vehicle industry for over 20 years and has a wide knowledge of the inspection and logistics side of the supply chain. 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Copyright: Published monthly by 4Media Ltd, PO Box 6222, Dunedin 9059. www.jacanna.co.nz All statements made, although based on information believed to be accurate and reliable, cannot be guaranteed, and no liability can be accepted for any errors or omissions. Reproduction of Autofile in Driving Solutions Tel. +64 9 825 0888 print or digital format in whole or part without written permission, whether by copying or any other means, is strictly forbidden. All rights reserved. ISSN 0112-3475 (print) ISSN 2350-3181 (online) Retro Vehicle Enhancement | www.rve.co.nz | 0800 RETRO 4U *in partnership with Japan Forwarding Agency www.autofile.co.nz 3 news [continued from page 1] disappear. I am embarrassed about “Creditors overwhelmingly voted “Maher is cooperating with us. have liked, to be able to generate it. I have tried to contact the director us in and it’s good to have that There are a lot of very aggrieved a profit, and too many of these and I have left messages for him. It is confidence and support,” he says. people and that’s why we felt the orders did not hit in the market. So, very frustrating. No one knows what McCullagh says it’s uncertain creditor’s meeting was important.” our position got too big,” he says.