20 April 2016

BNZ: Commissioner of Police v. Weir & McRobie

Ryan William Weir and Scott Alan McRobie surrendered $251,000 profit made on a South Auckland property development using a BNZ loan approved by Weir whilst they were BNZ employees, without telling the Bank the loan was for their benefit.  While denying they were party to any criminal activity, they both agreed profits be paid to the Crown under the Criminal Proceeds (Recovery ) Act. 
The High Court was told Weir set up a dummy company ostensibly owned by BNZ client, property developer Michael James Stephens.  Mr Stephens presented a loan application on behalf of the company to buy land in Calcite Avenue, at Flat Bush in South Auckland.  He had no financial interest in the project.  Weir approved the loan and together with fellow BNZ employee McRobie managed the property development.
BNZ went on the warpath after discovering its employees’ undisclosed personal interest in the loan application.  It alleges the loan was obtained by deception.  The Bank forced a sale of the Flat Bush development and took steps to ensure Weir and McRobie did not profit.  The surplus on sale amounted to $271,553.  It was agreed Weir and McRobie receive $20,000 only.  The balance was forfeited. 
Commissioner of Police v. Weir & McRobie – High Court (20.04.16)

16.060