The Serious Fraud Office (“SFO”) today announced that it had closed its investigation into Kidicorp Group Ltd.
SFO terminates investigation into Kidicorp
The Serious Fraud Office (“SFO”) today announced that it had closed its investigation into Kidicorp Group Ltd.
The SFO began its investigation on 30 June 2010 after considering allegations of fraud relating to funding received from the Ministry of Education.
Kidicorp Group Ltd is based in Tauranga and owns/operates approximately 140 early childhood education licences throughout New Zealand.
The company receives funding subsidies from the Ministry of Education in direct relation to the hours qualified teachers spend with the children at these centres.
Chief Executive, Adam Feeley, said that the investigation team had analysed a large quantity of documents and electronic exhibits, as well as carrying out a number of interviews of Kidicorp staff.
“This has been a thorough investigation and we are satisfied that there is insufficient evidence which would warrant the laying of criminal charges.”
Mr Feeley added that while the investigation identified matters of legitimate concern, they were ultimately administrative matters for the Ministry of Education to consider if appropriate.
For further information
Nick Paterson
General Manager, Fraud & Corruption
Serious Fraud Office
Phone: 021 675 647
Note to editors
Role of the SFO
The Serious Fraud Office (SFO) was established in 1990 under the Serious Fraud Act in response to the collapse of financial markets in New Zealand at that time.
The SFO operates three investigative teams:
- Fraud Detection & Intelligence;
- Financial Markets & Corporate Fraud; and
- Fraud & Corruption.
The SFO operates under two sets of investigative powers.
Part 1 of the SFO Act provides that it may act where the Director “has reason to suspect that an investigation into the affairs of any person may disclose serious or complex fraud.”
Part 2 of the SFO Act provides the SFO with more extensive powers where: “…the Director has reasonable grounds to believe that an offence involving serious or complex fraud may have been committed…”
The SFO’s Statement of Intent 2010-2012 sets out the SFO’s three year strategic goals and performance standards. It is available online at: www.sfo.govt.nz(external link)