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Gold bullion found in Forex safe

Posted on 15 May, 2017

Following Autofile’s report in our magazine, out last Friday, a locked safe located inside failed firm Forex Brokers Ltd has been found to contain over $500,000 of gold and silver bullion. The New Zealand Herald reported the safe was unlocked by an unnamed investor over the weekend. At a creditor’s meeting on Wednesday, liquidator PKF’s Chris McCullagh said a locked safe was found inside company offices, but the company’s sole director, Russell Maher, could not open it. The New Zealand Herald reported that a third party, believed to be an investor, provided a key that opened the safe, revealing gold and silver bullion worth an estimated $500,000. The third-party investor claimed Forex Brokers was holding the cache of bullion on his behalf, triggering a dispute over ownership of the safe’s belongings. "This bullion remains under our control and has been secured, with the agreement of the other party, and we are now working through a legal process to try and determine ownership," McCullagh told The New Zealand Herald. Forex Brokers went into liquidation on April 11, owing creditors over $15 million. Total assets are estimated to be $56,656, which includes vehicles worth an estimated $20,000. Liquidators have also put a hold on two properties in Auckland and Hawke’s Bay worth approximately $2.5 million, held in trust. McCullagh told Autofile last week it was uncertain if Forex held any claim over the properties. So far, five official complaints have been lodged to the Serious Fraud Office (SFO). A spokeswoman told The New Zealand Herald over the weekend that "at this stage the matter is still being evaluated. That process does involve some enquiries, but it is not yet an investigation."