Bewildered investors ask, where is Rumplestiltskin?
Two years after the collapse of a suspect energy company, liquidators are having trouble tracking down its director.
Ira NRG’s business plan was to reportedly “convert refuse and sewage into electricity” which, according to the company’s unregistered “investment statement”, was akin to the children’s story character Rumplestiltskin, the dwarf who spun straw into gold.
The Securities Commission, the forerunner to the Financial Markets Authority, shut down the company’s website and warned investors of an illegal share offer.
Liquidator Clive Johnson was appointed in February 2011 and called in the authorities.
Mr Johnson, an Auckland solvency practitioner, makes comments about director Simon Romana’s whereabouts in several liquidation reports – as well as the grim prospects for returns to investors.
Read the full story in tomorrow’s National Business Review Print edition.