ASB Bank sued for $17m, troubles mount for PGC, taxman reaps extra $113m

In NBR Print today: The victims of a convicted fraudster are suing ASB Bank for $17 million after it was found to mislead the court in an act of “gross impropriety,” Hamish McNicol reveals. ASB denies the allegations, which are outlined in a claim filed at the Auckland High Court.  Former Pioneer Insurance shareholders Robert Elvidge and John Gifford say a letter which was only recently put before the courts shows ASB should never have honoured any cheques signed by the convicted fraudster Blair Fitzsimons.

A group of tax “reassessments” have seen a $113 million windfall from a group of large multinationals in the latest government accounts. Officials are not saying where the windfall comes from but the Treasury says in the financial statement “these one-offs are likely to be a permanent difference against the forecast in the current fiscal year.” Rob Hoksing reports.

The profitable sale of UK media interests could provoke further conflict for troubled investment company Pyne Gould Corporation [NZX: PGC] amid Serious Fraud Office interest and a call for it to be placed in statutory management. Tim Hunter has the latest on the PGC saga.

The Warehouse Group [NZX: WHS] has unveiled its new financial services strategy to much fanfare, but not all are convinced it will turn the retailer’s fortunes around. Calida Smylie reports.

Former Green Party co-leader Russel Norman has drawn fire following his swing at New Zealand’s biggest company this week. Jason Walls asks opposing sides whether Greenpeace’s attack on Fonterra [NZX: FCG] over Indonesia’s forest fires was warranted.

Gisborne is at the bottom of the economic pile when it comes to the regions. But after years of prevaricating, it has decided to get off its proverbial and the Eastland Community Trust has paid $7.4 million for a mothballed sawmill so it can set up a wood processing cluster and centre of excellence with the private sector. Sally Lindsay reports.

A high-stakes game of chicken is playing out in the electricity industry at the moment and it’s far from clear how that’s going to be resolved. Jenny Ruth reports.

A breath of freshair at NZ Windfarms [NZX:NWF]. Hunters Corner reckons the company should welcome, not reject, new candiates for the board.

Where should New Zealand be in economic terms in 20 years’ time? Guest Columnist Paul Brislen gives his view.

Heartland columnist Jacqueline Rowarth says ignoring genetic improvements means less efficient production and is worse for the environment.

Analysts’ views continue to rile Xero boss Rod Drury [NZX: XRO], writes Jenny Ruth.

Shoeshine says a new dawn is here as Air New Zealand [NZX:AIR] braces for competition.

Nathan Smith has read the full TPP text and he reveals the good bits – and the bad.

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