Liquidators of Best Invest NZ Ltd are looking to hunt down over eight million dollars but are chasing ghosts. Director Masatomo Ashikaga died in February and no replacement director has been appointed. His widow Siu Tai Tsai appears to have control of company bank accounts for Mr Ashikaga’s East Wind group, but has gone to ground and cannot be traced.
Grant Thornton were given limited powers by the High Court as interim liquidators of specified companies in the East Wind group; they are authorised to take possession of and to protect East Wind assets.
Headed by Best Invest NZ Company Ltd, the East Wind group provided financial services, investing funds primarily on behalf of Japanese investors. Mr Ashikaga’s death precipitated concerns. One investor demanding repayment was told by Ms Tsai: ‘there is only three dollars in the bank account’. Grant Thornton told the High Court there are concerns Best Invest’s funds have been co-mingled with other companies in the East Wind group. They had been unable to contact Ms Tsai. A person living at her home address said Ms Tsai no longer lived there, refusing to give any details of her whereabouts.
Associate judge Bell appointed Grant Thornton interim liquidators of the two East Wind companies which appear to have received Best Invest money.
Best Invest NZ Company Ltd v. Japan Business Consulting Company Ltd – High Court (13.05.19)
19.085