Bankers squeeze while the coppers ponder

March 13, 2008

In a recent New Zealand story, it seems the people who own both the Green Acres system and the bank that loaned into a +200 victim ($5-million) scam want the losers to make a decision:

…sign a “rescue package” or warned that the company would commence proceedings to get back the $25,000 its financial arm, FBL Finance, had paid on his behalf to former area manager Keith Lapham.

Another bank seems to also say one thing and do another:

Finance Now Ltd, also issued a final notice to about 30 Green Acres franchisees as it too sought repayments for about $150,000.

In franchising, it is not uncommon for banks and franchisors to work very closely; Even including unauthorized withdraws from business accounts.

“The company had taken one instalment out from my account for $700 to pay the loan and I immediately had to cancel that bank account so they cannot continue to take out any more.”

He has written to Green Acres asking for the amount to be refunded, but said he had not had a response.

Meanwhile, since Dec 2008, the police have been doing exactly what about the missing cash?

Yesterday, Serious Fraud Office chief executive Grant Liddell told the Herald that investigations into the Green Acres case were ongoing and that a decision had yet to be reached of whether any charges would be laid [my emphasis].


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