No SFO investigation on Yarrow Bakers complaint

Published

No SFO investigation on Yarrow Bakers complaint

The Serious Fraud Office (SFO) today confirmed that it would not be pursuing the complaint made regarding the receivership of the Yarrow group of companies.

SFO Chief Executive, Adam Feeley, said, "There has been a very thorough assessment of the allegations made, and we have also sought advice from the Crown Solicitors. We are satisfied that the information provided does not disclose evidence of serious or complex fraud, and that there are civil remedies for the complainant to pursue if appropriate."

Mr Feeley said that, as with any complaint, the SFO would not rule out reconsidering the matter should new and relevant information subsequently come to light.

ENDS

For further information

Andrea Linton
Serious Fraud Office
027 705 4550

Note to editors

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