This seemingly innocuous company was caught-up in international allegations of money laundering, involving the republic’s Stopanska Banka, and the United States.
‘‘As soon as we discover that any of our clients are involved in illegal money laundering, we terminate the relationship," Francken told me in a 2016 interview.
A legal battle was fought in the International Centre for Settlement of Investment Disputes, which awarded the former country more than US$1 million in legal fees.
That’s when Guardian Fiduciary came in - and myself, as I happened to be sitting in court when this curious case unfolded.
I interviewed Nico a few times, you can read about it in the above link.
The basis for his company's existence was to provide international services to help clients grow their wealth.Â
This is done through creating "tax effective business and investment structures", according to the company’s website.
New Zealand was an "excellent jurisdiction" for clients looking to protect their assets, Francken told me at the time.
"The so-called Panama papers merely confirm it. The fact that there may be some criminals using the possibilities does not change that. We as a company do not get involved if we detect any form of criminal behaviour such as money laundering, terrorist financing, arms trading, prostitution, etc.
But just how would Francken detect any of the above with these shell companies? I was left in no doubt that the company was effectively managing New Zealand companies on behalf of international players who were potentially using them for dubious means.
And sleepy old Dunedin, where Francken once owned the grand Corstorphine House, was chosen as the registered office of dozens of companies.
Now that case effectively died along with Francken.
This week the final liquidator report was uploaded to the Companies Office site.
It makes for interesting reading, and you can read it here.
The liquidators have been on the case for six years, after the company was ordered to be liquidated in May 2016.
They noted that one of the difficulties they faced was that while the company was incorporated in New Zealand, its business dealings and key governance was offshore (Francken was based in Singapore until poor health made him return home).
‘‘The passing of Mr Francken curtails the realistic avenues available to the liquidators to obtain details of the company’s alleged offshore activities, including in the Former Yugoslav Republic of Macedonia, Marshalls Island and elsewhere.’’
Their investigation included in New Zealand and offshore, with the former involving Francken being removed as a director of 70 New Zealand domiciled companies.
No other claims, apart from the $US1million claim had been lodged with the liquidators.
Now the company was ready to be removed from the New Zealand Register of Companies, with a notice to feature in the Otago Daily Times on Thursday.
And that, dear reader, is that.
This week I was contacted by a parent concerned about mental health services in the south.
I know a few people who work in that area, and they are hard working and dedicated in what is a challenging field.
And while the Government has pumped millions into mental health, you can read about that here, the demand for service continues to grow.
In this example *here is the trigger warning* her teenager has struggled with severe mental health issues, and attempted suicide seven times.
The mother has highlighted to me that Wakari Hospital was only able to hold her daughter for 48 hours per month, and only if one of the dozen beds were available.
If she became agitated she was told she could not stay. “She simply cannot win’’, the mum said.
‘‘She’s either deemed not sick enough, or too unstable to access any appropriate help.’’
We see this time and time again with bureaucracy, particularly in the health sector.
But I’ve promised to keep an eye on the case.
If you struggling and need help, please contact: Lifeline Aotearoa on 0800 543 354
Hopefully I can nudge a fairly big story across the line this weekend. I can’t say much more other than I’m revisiting a blast from the past.
Fingers crossed. And if I land it, it’ll be in this weekend’s newsletter.
I’m glad the owner, who was a bit annoyed when I contacted him this week, was able to reach an agreement with the airport company (half owned by ratepayers/taxpayers).
I wish I came to a prior agreement with the company, as I forked over a small fortune parking there over the weekend.
But the highlight of that story was working-out that two years was almost the equivalent of 60 million seconds.
I think from a PR perspective it is a bad look to have elected officials squabbling over their salaries at a time when many families are deeply worried about their finances.
Councillors are elected to represent the city and work for its best interest, not their own. And as our politics (and our politicians) become more partisan, their views become more entrenched.
And, spit-balling here, if an election was held this weekend to elect a replacement for Dunedin MP David Clark which of these ‘hypothetical candidates’ would you vote for.
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Since the news came out about the death of Hamish Kilgour I’ve been listening to The Clean, and some of his musical offshoots.
Possibly the track I’ve loved the most has been What U Should Be Now by the Great Unwashed. After The Clean took a break in 1982 (I’m reading about this now in Needles and Plastic), the Kilgour brothers did some home recordings which later formed the 1983 LP Clean Out of Our Minds.
What U Should Be Now contains thegreat opening line about the city we love:
Saw you back in Dunedin/things seems strange there
Fantastic stuff.
And Tweet of The Week goes to this festive effort.
It is also, I believe, one of the best places to get your kids a photo with the dude in red.
And that reminds me, I’ve made a special McXmas playlist. David Bowie! Elvis! Run DMC! Otis Redding! Stevie Wonder!
And I make no apologies for including Wham! or Mariah Carey. Classics are classics.
Get into it.
Next week will be my final newsletter of the year. I’ll make it a year in review/Xmas special. If you have any ideas, please mention them in the comments below.
