SFO v SCF
The SFO may be about to tip over the ant farm if their charges against Mr Magoo's magic money triangle of eternal return makes it to trial. The defence will ensnare the Treasury in its incompetence in order to establish it was above board. How could it be dodgy if the Treasury readmitted South Canterbury Finance into the retail deposit scheme? The Treasury is a party to the fraud isn't it? Everyone knew it was as short sighted as old Mr Magoo himself.
The Serious Fraud Office has laid 21 charges against five people involved with the collapsed South Canterbury Finance company.
SFO chief executive Adam Feeley said South Canterbury Finance was "one of the most significant of all the failed finance companies".
"The value of the fraud alleged to have been committed exceeds anything in the history of white-collar crime in New Zealand, and the time we have taken to complete this matter is a reflection of that scale," Mr Feeley said.
South Canterbury Finance was placed into receivership on August 31 last year, owing about $1.8 billion.
But because of the company's participation in the Crown retail deposits scheme, 35,000 SCF investors were bailed out by the taxpayer to the tune of $1.7 billion
This has the potential to make Treasury and Bill English look like fools.