That’s as in spat. Characteristic. Richard Smith of Naked Capitalism raises some questions about her Samoan fiduciary company fronting for a company delisted from GXG Markets, a small European exchange. Once again, its about the company she keeps. It’s an interesting read, and Smith promises more to come from GXG about New Zealand if not Odgers.
Smith refers back to an earlier post last October (New Zealand: if investment Fraud was typhoid, Cathy Odgers would be Typhoid Mary but Lucy Lawless would still be Xena, Warrior Princess) where he first raised questions for Odgers about her connection to the delisted HCI International. In his latest post he listed her replies to the questions he raised, which can be found in the comments here, here, and here.
I don’t have any particular expertise in dodgy financial transactions, although Richard Smith seems to, but his summary in the earlier post of her recent impact on New Zealand politics and media provides much food for thought in my opinion.
Summing up: we had already found Odgers in close proximity to post-Soviet moneylaundering, US ponzis, Australian superannuation frauds and imploding New Zealand shadow banks. Now the HCI Hamilton US microcap boiler room dodginess, and the GXG ramifications, extend an already sprawling picture. Pull at the string named ‘Odgers’ and all manner of nasty stuff keeps turning up at the other end. That’s business as usual when you dig into scams, and now, evidently, when you dig into Odgers, too.
On top of all that normal scam stuff, there are, by way of exotic intensifiers, Odgers’ direct connections to media manipulation, including, FFS, national-press-level op-ed gigs at the NZ Herald and NBR, and to successful smear jobs on regulators and on enforcers.
And lastly, there are Odgers’ strong connections to government ministers, and to the PM himself, via his Office. Those connections are unique, for someone with Odgers’ burgeoning track record of proximity to major financial crime after major financial crime. More precisely, they are connections that are unique in Western democracies, as far as I know. The whole thing builds up into quite a nice generic case study of what sufficiently uninhibited, or incompetent, but anyway well-connected offshore lawyers can get embroiled in.
Clearly, both politicians and journalists should be wary of being beholden to Odgers in any way, but equally clearly, that’s a warning that is far too late.
Around Odgers herself, there is the usual lingering ambiguity. If HCI Hamilton really is a client of Pacific Fiduciaries , it’s really hard to see why Pacific Fiduciaries ever took them on. At worst, it would imply Pacific Fiduciaries are in on a scam. At best, their due diligence and KYC would rank, for quality and conviction, right down there with Odgers’ cod portrayal of Xena, Warrior Princess.
But is HCI a client of Pacific Fiduciaries at all? It seems to be easily deniable. If there is no client relationship, Odgers has simply been mugged by some scammer, who, one might athletically assume, simply picked Pacific Fiduciaries’ name out of a hat containing the names of all the offshore law firms in the world.
That would be one more coincidence, in a professional history in which such coincidences just keep proliferating. This blogger remains intrigued.
So does this one. The VRWC may have gone to ground but it should not be forgotten. Thanks Richard.