SFO confirms investigation into Bullion. Buyer.co.nz
SFO confirms investigation into Bullion.Buyer.co.nz
The Serious Fraud Office (SFO) today confirmed that it had commenced a formal investigation into gold and precious metal trading company, Grace Holdings NZ Ltd, trading as Bullion.Buyer.co.nz.
Serious Fraud Office (SFO) Chief Executive Adam Feeley said the media reports late last week of investors’ concerns about their investments had resulted in numerous other persons coming forward to contact the SFO.
”Since then, we have moved swiftly to assess these complaints, secure the company’s financial records, and make additional inquiries. As a result we have concluded that there are reasonable grounds to believe that an offence of serious fraud may have been committed, and accordingly commenced a formal investigation under Part 2 of the SFO Act."
Mr Feeley said that the SFO's priority was now to make contact with as many investors as possible, and to coordinate their investigation with other agencies which may have an interest in the matter.
In particular, the SFO said it was liaising with the Registrar of Companies to ensure that appropriate steps are taken to protect any funds for the benefit of creditors of the company.
Investors wishing to contact the SFO should call on 0800 109 800 or e-mail: email@example.com
For further information
Serious Fraud Office
Phone: 027 705 4550
Role of the SFO
The Serious Fraud Office (SFO) was established in 1990 under the Serious Fraud Office 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 Annual Report 2011 sets out its achievements for the past year, while the Statement of Intent 2011-2014 sets out the SFO’s three year strategic goals and performance standards. Both are available online at: www.sfo.govt.nz