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SFO quits Yarrows investigation

The Serious Fraud Office (SFO) says it won't pursue complaints about the receivership of transtasman baker Yarrows.

SFO boss Adam Feeley says teh decision was made after a thorough assessment of the allegations and advice from Crown lawers.

"We are satisfied that the information provided does not disclose evidence of serious or complex fraud, and that there are civil remedies for the complainant to pursue if appropriate,” Mr Feeley says.

However, as with any complaint, the SFO won't rule out reconsidering the investigation if new and relevant information comes to light.

Last week Mr Feeley told the NBR the agency was assessing the complaint amid fresh claims about a "conspiracy" that forced the founding new Zealand arm of Yarrows into receivership.

New Zealand First leader Winston Peters, speaking under parliamentary privilege, last week claimed Westpac Bank conspired with Yarrows directors and insolvency firm BDO to wrest control from owner Paul Yarrow, leading to the receivership.

Meanwhile, across the Tasman, Yarrows is fighting to keep five directors founder Paul Yarrow sacked from three Australian-based Yarrow companies, which escaped receivership, off the boards.

Those directors are Warren Duncan, Michael Finngan, Colin Pettigrew, Paul Dovico and Kevin Gillespie, who was Yarrows' chairman.

Yarrows' New Zealand operations were placed into receivership last May, owing Westpac $55 million and a charitable trust nearly $20 million.

More by Georgina Bond

Comments and questions
5

Let's count the spelling mistakes and grammatical errors.

Lets not...

Probably lose count with nbr these days

pretty awful indeed. it is sad when you consider this should in theory be our 'premier' business publication.

lawers!