Ordered to repay $4.5 million stolen from Hamilton-based Worldclear Ltd and now on bail in Singapore facing criminal charges, Richard James Whitham did not contest legal action to bankrupt him in New Zealand.
In May 2018, Whitham with his family suddenly left for Singapore, hiding departure plans from his then employer Worldclear Ltd and blocking Worldclear from client accounts. He had been responsible for effecting foreign exchange transfers on behalf of Worldclear. Prompt action by Worldclear saw him arrested in Singapore where he currently awaits trial. The Singapore Supreme Court issued injunctions freezing assets Whitham may hold in Singapore. It ordered Whitham repay Worldclear $4.5 million.
As first step to recover its money, Worldclear filed in the New Zealand courts to have Whitham bankrupted on the grounds he ‘departed New Zealand with intent to defeat his creditors’. Bankruptcy was ordered. ‘Departing with intent to defeat creditors’ is sometimes used in conjunction with an Insolvency Act arrest warrant to have fleeing debtors arrested at an airport on departure. In this case, bankruptcy was ordered with the debtor already overseas and unable to return whilst on bail.
Evidence was given that Whitham has moved some of the stolen funds out of Singapore.
Worldclear Ltd v. Whitham – High Court (28.05.19)
19.101