From the Herald:
“On Tuesday evening, a Herald source saw Mr Maier on an Air NZ flight leafing through a document which the source was able to identify as an “agreement for sale and purchase to sell South Canterbury Finance Ltd to Permanent Investments Ltd “.
The source said the document indicated a sale price of $2.65 a share, which is equivalent to $1.57 billion – more than the amount Mr Maier yesterday said the company might fetch if sold as a going concern.
Permanent was registered with the Companies Office in early August.”
Hang about. Isn’t this a little too remarkable? Let’s go through the chain of events.
In April, South Canterbury Finance gets a government guarantee it should never have received. The Government fails to exercise proper oversight and kick SCF out of the guarantee when it didn’t meet the conditions.
Richlisters pour money into buying its bonds at a heavily discounted rate – paying 70 cents on the dollar as last as last week.
The Dompost reports it was richlisters pulling their money out of SCF deposits that precipitates the collapse of the company.
The richlisters who bought bonds get paid out at full value, making as much as 42% overnight. SCF CEO Sandy Maier said “A lot of bets in the casino would have paid off today” – but what if the game was rigged?
Meanwhile, we’re being told that the taxpayers stands to lose at least $600 million on the bail-out – we’ll be lucky to get $1.1 billion back to for the $1.77 billion we spent – that loss has mysteriously tripled from the $200 million we were looking at just last Friday.
Now, we learn that on the day of the collapse this mysterious company, Permanent Investments, turns up wanting to buy the company for $1.57 billion, and it has the paper work ready. What a coincidence! it’s almost like they knew it was going to happen.
And what a great offer. Surely the government and the public will jump at the chance to reduce our loss to ‘just’ $200 million while keeping the assets Kiwi-owned.
So, what is this three-week old company that just so happens to be in the market for a one and a half billion finance company at this exact point in time?
A search of the companies office website shows that Permanent Investments is owned by Probatus Investments, a trustee company run by Kensington Swan (the shareholders are all KS lawyers). That’s where the ownership trail ends for now because the trustee company allows the real owners to disguise themselves.
Who knows what is really going on here. But it stinks of more of the rich elite ripping of the rest of us. Whether it’s been an organised plan or just lone sharks attracted by blood in the water, the result is the same: the rich win, we lose.