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‘No point in fighting’ – ex Bremworth chair
Tim Hunter
Wed, 19 Mar 2025
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NZForex formally warned for money laundering failures
The Department of Internal Affairs has formally warned NZForex Ltd for failing to meet its obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act.
The company voluntarily disclosed that it had identified a system issue with its prescribed transaction reporting processes, which meant it failed to report 3182 transactions, that were not denominated in New Zealand dollars, to the New Zealand Police Financial Intelligence Unit between November 1, 2017 to February 28, 2024.
NZForex had since taken steps to remediate the system issue and had reported all outstanding transactions, the DIA said. NZForex was also undertaking an independent audit voluntarily.
NZForex reported profit after tax of $619,155 in the year ended March 31, 2024 on net income of $3.1 million.
Investore exits Woolworths Mt Roskill for $25 million
Large format retail property company Investore Property has entered an unconditional agreement for the sale of its Woolworths Mt Roskill store on Stoddard Rd for $25 million, with settlement scheduled for later this month. The NZX-listed group, managed by Stride Investment Management, said the sale represents a premium to book of 11%, or $2.5m with a passing yield of 5.85%. The divestment will see Woolworths' tenant weighting across IPL's portfolio dip slightly, to 61.7% by contract rental. Chair Mike Allen said the proceeds will be used to repay bank debt, to be recycled into strategic investment over time. Last August, the company sold two regional large format properties in New Plymouth and Invercargill for $54.3m. That was used to snap up Bunnings Westgate for an initial $51m cash, with another NAV-based share tranche of $7m on the table. Its portfolio was valued at $1b at its half-year results stage last September, at an average property market capitalisation rate of 6.38%.
Act’s campaign agenda for the local body elections
The Act Party is looking for candidates to stand in this year’s local body elections. Act leader David Seymour said the party wanted candidates who would focus on lower rates, scrapping the nice-to-haves, ending the anti-car ideology and taking race out of local politics. “We don’t want career politicians. We want people who are sick of the nonsense and ready to focus on what matters – keeping rates down and services up,” Seymour said. He said Act had focused on tackling the cost of living, and wasteful spending and co-governance in central government. But when he traveled the country, he was constantly told that local councils did not address those concerns at the local level. “Kiwis voted for real change in 2023, but our councils seem to have missed the memo. It’s time for a clean-out,” Seymour said.
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