237:
Commission’s maximum claim at the time it commenced proceedings. It is also at a proportionately lower level than the settlements the
Commission reached with all the other defendants. Importantly, it is also reached without any admission of liability. The fact that the Commission was prepared to settle for substantially less than the full claim and without any admission of liability no doubt reflects the Commission’s recognition that it faced a risk of losing if the claim went to trial".
345:. The island's northern half is primarily farmland which supports both sheep and beef farming operations. Its southern half has been re-vegetated with pine and native trees. Richwhite's wife Libby has overseen the planting of over 600,000 native trees on the island as well as a conservation programme to preserve many of the island's rich historic and archaeologically significant Māori
198:
In 1994, a
Commission of Inquiry was undertaken in New Zealand to investigate claims of corruption and incompetence in two government entities: the Serious Fraud Office (SFO) and Inland Revenue Department (IRD). The inquiry centred on a transaction carried out between a subsidiary of European Pacific
203:
which was presented to the tax office in New
Zealand. Once presented, EPI received a rebate of the same amount (NZD$ 2 million). The net effect of the transaction was that the EPI group effectively paid the Cook Islands Government NZD$ 50,000 but received a New Zealand tax credit of NZD$ 2 million.
202:
In
September 1986 European Pacific Investments was incorporated. One of its directors, David Lloyd, was responsible for convincing the Cook Islands Government to establish a tax haven. EPI's subsidiary company, Magnum, paid the Cook Islands Government NZD$ 2 million and received a tax certificate
236:
Their joint statement read: "While they consider the settlement amount does not properly reflect the lack of merit in the
Commission’s proceedings, the settlement payment is only a little over half the amount claimed by the Commission, including interests and costs. It is less than 1/5 of the
94:
Whilst their business encompassed the full range of investment banking and trading services across many sectors, Fay
Richwhite became most well known for its role in the privatisation of State Owned Enterprises (SOEs) in New Zealand. During the late 1980s Fay Richwhite advised the New Zealand
220:
Although the
Commission concluded that there was no fraud or incompetence, controversy surrounded the ruling. Changes to the New Zealand tax laws relating to the claiming of foreign tax credits were made and new rules relating to disclosure to the Inland Revenue Department and penalties for
352:
Groups helping children at risk are often invited to make use of the island's facilities for their camps. Given the island's isolation, land has also made available for a team of scientists breeding a strain of bee immune to the destructive
41:, where he graduated in 1974 with a Bachelor of Commerce degree, Richwhite's personal wealth was largely acquired during the late 1980s and early 1990s. During this period he had a significant and controversial role in the
179:
Richwhite personally chaired a steering committee which advised the New
Zealand government on the sale of the state-owned Post Bank and was Deputy Chairman of the New Zealand Business Round Table from 1990 to 1997.
186:
Throughout the 1990s
Richwhite was consistently listed as one of New Zealand's wealthiest businessmen with an estimated personal wealth of NZD$ 660 million. He now co-owns
233:
for accusations of insider trading relating to Tranz Rail. Richwhite and Fay settled with the
Commission out of court for NZD$ 20million without admission of liability.
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681:
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for several years following the team running into financial difficulty. The ownership and control of the team has now been handed back to the Samoa Rugby Union.
91:
in 1973 which grew to become one of the leading merchant banks in Australasia during the 1980s and 1990s, with offices in New Zealand, Australia and London.
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46:
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Acting as government advisor on forestry assets, the Tourist Hotel Corporation, the Government Printing Office, and Housing Corporation assets.
95:
government on a number of asset sales and ultimately organised and co-invested in consortia which purchased some of these assets including:
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Richwhite has been active in his support for and participation in numerous not-for-profit, cultural and community initiatives, including:
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In June 2007, Richwhite and Midavia Rail Investments, a company he co-owned with Michael Fay, were investigated by
217:" in reference to Winston Peters' delivery of the documents central to the allegations to Parliament in a winebox.
389:
526:
206:
The transaction at the centre of the inquiry was named the "Magnum" transaction after the EPI company involved.
148:
in the purchase of four of the five United Kingdom national rail companies being privatised in 1996. Forming
64:. The publicity surrounding the inquiry generated considerable public ill-feeling towards Fay and Richwhite.
671:
633:
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Sir Michael Fay and David Richwhite backed and led the first three New Zealand challenges for the coveted
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Being a benefactor of the "Play it Strange" Trust for which the David Richwhite Lyric Award was created
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Investments (EPI), a company directed by Richwhite and three others, and the Cook Islands Government.
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Founding and sponsoring the Fay Richwhite Corporate triathlon series in New Zealand and Australia
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Donating to Women's Refuge, the Salvation Army, Starship Hospital and Westpac Rescue Helicopter.
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Fay Richwhite was active throughout the 1980s and 1990s in other business activities including:
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in 1989, in which Fay Richwhite purchased a 32% share via their company Capital Markets
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Early-stage financing of New Zealand's kiwifruit, apricot and deer farming industries
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The Winebox Inquiry: Commission of Inquiry into Certain Matters relating to Taxation
458:"Samoa's Prime Minister praises banker, Sir Michael Fay, for supporting Manu Samoa"
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David Richwhite has four children and is an active fisherman, hunter and musician.
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On 30 November 2009, Great Mercury Island hosted the first successful launch of
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268:" challenge they briefly won the cup, later losing it in the courts to the
557:
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Wisconsin Central decides: It's the English Welsh & Scottish Railway
309:
Sponsoring a new high-performance rowing centre at University of Otago
72:
68:
22:(born 1948) is a New Zealand investment banker and was a partner in
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Patronising New Zealand's exhibition at the Venice Biennale in 2009
152:, the company ran 95% of British rail freight until it was sold to
346:
166:
Oil exploration off the Taranaki coast (floating Cultus Petroleum)
357:
mite infestation currently affecting the worldwide bee industry.
261:. They personally invested over $ 100 million toward the cause.
554:"New Zealand at the Venice Biennale 2009: Patrons / Supporters"
287:
which they won in Bruce Farr designed "Propaganda" (KZ 6161).
183:
In the late 1990s Fay Richwhite was sold to various partners.
500:"Play It Strange Trust - | David Richwhite Lyric Award"
580:"KZ1, Auckland Attractions | Weekend and Short Breaks"
486:"Home Based Writing Jobs and How They Are Helping Writers"
276:, a campaign in which Fay and Richwite were not involved.
71:
from 1998 to 2003, Richwhite now lives with his family in
52:
Fay, Richwhite & Company was the prime focus of the "
341:, which lies eight kilometres off the east coast of the
163:
Early-stage financing of the New Zealand film industry
444:"Statement on behalf of David Richwhite | Scoop News"
318:
Formerly acting as Chair of the Ellerslie Flower Show
209:
The subsequent inquiry was spearheaded by politician
527:"Rowing: Centre a boon for sport, university"
45:of the New Zealand economy undertaken by the
8:
272:. New Zealand went on to win the trophy in
241:America’s Cup and other sporting interests
136:Fay Richwhite went on to invest alongside
56:" which dealt with, among other things,
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190:with business partner Sir Michael Fay.
682:New Zealand expatriates in Switzerland
172:Pioneering of the Eurokiwi bond market
337:In 1978, Fay and Richwhite purchased
150:English, Welsh & Scottish Railway
7:
606:"Millionaires host varroa fightback"
231:Securities Commission of New Zealand
213:and is commonly referred to as the "
632:Cooper, Tracey (30 November 2009).
364:suborbital Atea-1 sounding rocket.
687:New Zealand expatriates in England
634:"NZ's first space rocket launches"
290:Fay and Richwhite also funded the
124:in 1993 for NZD$ 410 million with
109:in 1991 for NZD$ 4.5 billion with
14:
525:Dawber, Jane (19 December 2009).
221:non-compliance were introduced.
463:Radio New Zealand International
325:to the Auckland Maritime Museum
279:In 1988 the pair led a team to
390:"The merchant banker's banker"
1:
433:issue 1276 August 2007 page 6
16:New Zealand investment banker
429:EWS sold to German Railways
24:Fay, Richwhite & Company
420:issue 1142 June 1996 page 8
703:
225:Securities Commission case
20:David MacKellar Richwhite
47:Fourth Labour Government
35:King's College, Auckland
394:The New Zealand Herald
292:Manu Samoa Rugby Team
43:structural adjustment
431:The Railway Magazine
417:The Railway Magazine
349:and heritage sites.
343:Coromandel Peninsula
339:Great Mercury Island
333:Great Mercury Island
270:San Diego Yacht Club
264:Following the 1988 "
188:Great Mercury Island
83:David Richwhite and
60:arrangements in the
677:New Zealand bankers
107:Telecom New Zealand
101:Bank of New Zealand
39:University of Otago
249:sailing trophy in
142:Berkshire Partners
130:Berkshire Partners
611:The Dominion Post
532:Otago Daily Times
396:. 16 October 2004
138:Wisconsin Central
126:Wisconsin Central
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215:Winebox Inquiry
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118:and Freightways
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54:Winebox Inquiry
28:Sir Michael Fay
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116:Bell Atlantic
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58:tax-avoidance
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645:27 September
643:. Retrieved
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617:27 September
615:. Retrieved
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588:. Retrieved
584:the original
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562:. Retrieved
558:the original
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538:27 September
536:. Retrieved
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508:. Retrieved
504:the original
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470:27 September
468:. Retrieved
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398:. Retrieved
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362:Rocket Lab's
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298:Philanthropy
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62:Cook Islands
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33:Educated at
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667:1948 births
323:KZ1 (yacht)
285:One Ton Cup
661:Categories
376:References
321:Gifting a
156:in 2007.
111:Ameritech
67:Based in
400:13 March
266:Big Boat
37:and the
510:13 June
87:formed
590:8 June
564:8 June
355:Varroa
73:London
69:Geneva
26:with
647:2011
619:2011
592:2011
566:2011
540:2011
512:2011
472:2011
402:2015
274:1995
259:1992
255:1988
251:1987
144:and
128:and
99:The
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347:pā
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