Feltex's significant concerns, Gapes' mortgagee sale, forex traders' 'misconduct' and Shanghai Pengxin's loan hiccup

Failed carpet maker Feltex had significant concerns about its future viability just 10 months before its $250 million IPO in 2004.

This new evidence, revealed in today’s National Business Review print edition by chief reporter Duncan Bridgeman, will be tested against the company’s disclosure of risks in its IPO prospectus at a shareholder class trial beginning next month.

In other news, Auckland developer Tony Gapes, of Redwood Group, is finding Wellington a tough place to do business, as his property next to the Wellington Railway Station goes to mortgagee sale.

Two foreign-owned online forex and investment platforms – Goodsense Investments and IB Capital – are generating high numbers of complaints, leading to accusations of systemic and serious misconduct in the industry, as the government’s financial disputes resolution scheme starts to move over unreasonable conduct and lack of disclosure.

Meanwhile, business reporter David Williams details how Chinese billionaire Jiang Zhaobai’s Shanghai Pengxin’s New Zealand investment company has tripped up on an $82.5 million ANZ loan requirement.

Shoeshine tackles the growing problem posed by Chilean-based, New Zealand-owned dairy company Manuka – and why Fonterra can’t hide from the fiasco any longer.

In Heartland, meanwhile, agribusiness professor Jacqueline Rowarth argues cost-cutting in the face of competition can lead to problems like that of Manuka, and if New Zealand’s costly standards are important they should be followed by every country.

Economics editor Rob Hosking outlines how tax authorities will have greater powers to share information after a global crackdown on firms like Facebook, Google and Starbucks.

Agri-business reporter Jamie Ball covers the bunfight between Alliance Group chairman Murray Taggart and director-elect John Monaghan, with claims of boardroom tactics and questions over Mr Monaghan’s “skill set.”

In Economically Speaking, Neville Bennett worries about New Zealand’s “Goldilocks” economy, and says if the domestic boom persists the current account deficit could move into danger territory.

Technology editor Chris Keall asks the experts about the latest research into wi-fi, and what it says about cancer risks.

Former Nelson City Council chief executive Keith Marshall traverses the tricky subject of making elected councillors personally liable for their decisions, and how it could be just the tonic for better governance and decision-making.

Guest columnist Wayne Brown, the Far North District Mayor, opines about a soon-to-be announced “super lemon” from the Ministry of Business, Innovation and Employment, which might turn into the next IT fiasco.


  • Order Paper predicts the election 2014 campaign will be nasty, brutish and long
  • Talk of New Zealand’s “rock star” economy provokes a full review by In Tray, who discovers musical talents such as MC Ardern and Metiria Del Ray.
  • In Asia Watch, Nathan Smith tackles China’s difficult air pollution problems. He points out that fixing the air might weaken the economy, however not fixing the pollution could end up being just as bad for China’s future.

All this and more in today’s National Business Review. Out now.

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