Investigations Into Aust. Companies

Press, Volume CV, Issue 30954, 10 January 1966, Page 9

Investigations Into Aust. Companies

(N.Z. Press Association—Copyright)

SYDNEY, January 9.

Australian Government officers were investigating 65 companies at the close of last year, says a report by the Registrar of Companies.

The registrar (Mr F. J. O’Ryan) made the report to the Attorney-General (Mr McCaw) on the operations of the Companies Office last year. The report said 122 companies were awaiting investigation, 83 of them in liquidation.

Two companies whose affairs were investigated under the special investigation provisions of the Companies Act had been ordered to pay the whole of the costs of the investigation. Latec, Ltd.

These special investigations were into the affairs of Latec Investments, Ltd., and its subsidiaries; and CollierMoat, Ltd., and associated companies.

Latec Investments had been ordered to pay £48,681; companies concerned in the Col-lier-Moat investigation had to pay £17,083. The registrar was still considering the question of payment of the costs of investigation into the affairs of International Vending Machines Pty., Ltd., and associated companies.

On November 16 last, reports on the investigation into these three groups of companies were tabled in the State Parliament and ordered to be printed. The chief inspector of the Companies Office’s investigation and prosecution branch and two senior inspectors were engaged on other special investigations. As a result, two persons had been charged with offences under the Crimes Act. The director involved in one of these charges failed to appear to answer it, and a warrant for his arrest had been issued. H. G. Palmer, Ltd.

The report said tha tone of the major investigations started in 1965 related to the affairs of H. G. Palmer (Con-

solidated), Ltd. These were proceeding and it was anticipated that a report would be submitted to the AttorneyGeneral soon.

In addition to inspectors of the Companies Office, four police officers seconded to the branch were engaged on the investigation.

Birt, Ltd.—Net profit of Birt and Company (Pty.), Ltd., fell by £8966 to £19,586 for the 1964-65 year. The company, a shipping agent, stevedore and cold stores proprietor, is a subsidiary of Birt Potter and Hughes, Ltd., of London. No dividend was paid. —N.Z.P.A.—Copyright.