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Fay Richwhite

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Fay, Richwhite & Company is the investment vehicle of Switzerland -based New Zealand merchant bankers Sir Michael Fay and David Richwhite .

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57-591: The firm was the prime focus of the " Winebox Inquiry " which dealt with, among other things, tax-avoidance arrangements in the Cook Islands . The publicity surrounding the inquiry generated considerable public ill-feeling towards Fay and Richwhite, and was one of the principal reasons for their emigration to Geneva . Fay and Richwhite were investors in the Bank of New Zealand , which was sold to National Australia Bank in 1992. Fay and Richwhite were also involved in

114-568: A "TVNZ Charter" in 2002. This was a list of objectives for TVNZ which specified it must broadcast a wide variety of New Zealand-made content; the broadcaster was given public responsibility to provide news, drama, documentaries and "promote understanding of the diversity of cultures". In 2008 the Government announced that the broadcaster was to become "more public-service" like. TVNZ responded by launching two commercial free channels; TVNZ 6 and TVNZ 7 . By 2011 Prime Minister John Key announced

171-745: A "cheeky darkie" on his radio show on Newstalk ZB and subsequently chose not to renew his contract at TVNZ. Also in 2004 there was the public outcry over newsreader Judy Bailey 's $ 800,000 salary package, negotiated with head of news and current affairs at TVNZ Bill Ralston , she finished her final 12-month contract the following year after 34 years working at the broadcaster. In late 2010, TVNZ garnered criticism over various comments made by Breakfast host Paul Henry . Henry had referred to Delhi Commonwealth Games organiser Sheila Dikshit as "the dip shit woman" and "Dick Shit", going on to state that "it's so appropriate, because she's Indian, so she'd be dick-in-shit wouldn't she, do you know what I mean? Walking along

228-480: A broad range of programming, including news, sport, food, drama, and comedy. Its news service is 1News and its sports division is 1 Sport . The channel, once the traditional home of television sport, has since lost the rights to most of the world's main sporting events, including the Olympics, and All Blacks test matches to pay television competitor Sky . TVNZ's outside broadcasting division, Moving Pictures

285-638: A case against TVNZ with the Employment Relations Authority (ERA), arguing that the broadcaster failed to follow the consultation requirements of its collective agreement with its members. On 6 May, TVNZ executives, staff members, and Wood submitted evidence during an investigative meeting at ERA's Auckland office. During the meeting, a Fair Go employee said that the company had not raised the issues of job cuts and progamme cancellations during staff meetings on TVNZ's future direction. On 10 May, ERA ordered TVNZ to enter into mediation with

342-644: A daily Māori language news bulletin, and shows for minorities, such as Attitude , Neighbourhood , A Taste of Home and Tagata Pasifika . Elsewhere TVNZ 1 specialises in food shows, including the locally produced MasterChef , and international shows, mostly from the BBC and Network Ten Australia. TVNZ 2 targets a younger audience than TVNZ 1. Launched on 30 June 1975, its line up consists of dramas, sitcoms, comedies, children's programming, and reality shows, most of which are produced in New Zealand or imported from

399-418: A disregard for quality genres and in-depth news and current affairs) and re-emphasised television's cultural and democratic functions in their policy thinking. The Clark government's highest profile broadcasting reform to date was the restructuring of TVNZ as a Crown entity in 2003. This introduced a dual remit whereby the broadcaster had to maintain its commercial performance (continuing dividend payments to

456-514: A dividend to an investor, a brewery called Magnum. In the Cook Islands, another member of the EPI group received a financial benefit from the Cook Islands government, and simultaneously forgave a loan to the government. The net effect: one EPI company received a benefit of $ 850,000 from the Cook Islands government, and yet another subsidiary received a New Zealand tax credit of $ 2 million. Although

513-459: A high local content, and another, primarily for children, screening serious drama and arts at night. These channels would eventually become known as TVNZ 7 and TVNZ 6 respectively. In early 2006, TVNZ purchased Harmonic branded H.262 encoding equipment for the upcoming Freeview DTH service, which is an Electra 1000 on-the-fly video re-encoder. On 14 November 2006, TVNZ announced plans to launch two commercial-free digital channels. The first, with

570-511: A lawful, proper and competent manner in dealing with the transactions under investigation, and to examine whether any changes to the criminal or tax laws should be made to protect New Zealand's income tax base from the effects of fraud, evasion and avoidance. The transaction at the centre of the Winebox Inquiry was known as the "Magnum" transaction. In fact the documents in the winebox outlined more than 60 different transactions involving

627-607: A new non-profit autonomous Crown entity called Aotearoa New Zealand Public Media (ANZPM), commencing 1 March 2023. Under the proposed legislation, both TVNZ and RNZ would become subsidiaries of the ANZPM, which would be supported by both government and commercial funding. The new organisation would also be headed by a board and be governed by a media charter outlining its goals and responsibilities including editorial independence. The Government has also allocated NZ$ 370m over four years in operating expenditure and $ 306m in capital funding from

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684-486: A programme of public broadcasting reforms. New Zealand's wide-ranging adoption of neoliberal policies in the mid-1980s and 1990s had large sections of the state sector privatised . As a state owned enterprise, TVNZ enjoyed enormous commercial success under CEO Julian Mounter (sustaining two-thirds of the overall audience share) and paid the Crown substantial dividends (over $ 250 million between 1989 and 1999). However,

741-417: A proposal to disestablish TVNZ and Radio New Zealand (RNZ) and establish a single public media entity. The television and radio broadcaster would have a public-service role to provide content on a variety of platforms, "some of which may be advertising free". By mid-March 2021, the merger proposal was still in its early stages. In late December 2021, former National Party Member of Parliament Simon Power

798-510: A public broadcaster or a commercial one, there have been other controversies. In 1996, the defamation case Television New Zealand Ltd v Quinn was decided at the Court of Appeal of New Zealand . For 3 weeks in January–February 1999, John Hawkesby became a weekday newsreader for One News, replacing Richard Long (who moved to presenting weekend bulletins alongside Liz Gunn). The change

855-512: A range of parties. In September 1986 a European Pacific Investments subsidiary based in New Zealand lent money to another subsidiary based in the Cook Islands. Withholding taxes of $ 2 million on that loan were paid to the Cook Islands Tax Office, and a tax certificate for that sum was duly issued. European Pacific presented this certificate to the tax office in New Zealand, and as there was no further New Zealand tax to pay, paid

912-600: A series of transactions between 1986 and 1993 involving their companies European Pacific Investments; Capital Markets; Fay, Richwhite; the Bank of New Zealand ; Tranz Rail ; and Telecom New Zealand , transactions in which they personally gained over half a billion dollars at the same time as their minority shareholders lost NZD$ 277 million. Fay and Richwhite also made NZD$ 274 million from sales of Telecom New Zealand share options in September 1993 without having to put up any capital in advance. Both men relocated to Geneva in

969-582: A total of NZ$ 1,023,701 on ANZPM; with TVNZ spending NZ$ 592,424 in the period between 1 March and 31 October 2022. In February 2024 Jodi O'Donnell became CEO of TVNZ. In early March 2024, due to financial difficulties from competing large Internet companies such as Netflix and YouTube and a decline in advertisement revenue, the state-owned broadcaster proposed ending television programmes Fair Go and Sunday along with 1News ' midday and late night news segments. In addition, TVNZ has proposed 68 job cuts (roughly 9 percent of its staff). In response to

1026-739: Is a stub . You can help Misplaced Pages by expanding it . Winebox Inquiry The Commission of Inquiry into Certain Matters Relating to Taxation , popularly known as the Winebox Inquiry , was an inquiry undertaken in New Zealand to investigate claims of corruption and incompetence in the Serious Fraud Office (SFO) and Inland Revenue Department (IRD). The Commissioner was Sir Ronald Davison . The Commission concluded that there were no grounds supporting

1083-514: Is a television network that is broadcast throughout New Zealand and parts of the Pacific region. All of its currently-operating channels are free-to-air and commercially funded. TVNZ was established in February 1980 following the merger of the two government-owned television networks, Television One (now TVNZ 1 ) and South Pacific Television (now TVNZ 2 ), under a single administration. It

1140-419: Is state-owned but commercially funded through advertising. There has been reoccurring debate about TVNZ's role and whether it should be treated as a public-service broadcaster or a fully commercial network. TVNZ 1 TVNZ was created in February 1980, through the merger of Television One and South Pacific Television (which was renamed TV2). Until January 1989, it was paired with Radio New Zealand as

1197-656: Is the governing board of Television New Zealand. It is appointed by the Minister of Broadcasting and Media , who was at the time Willie Jackson . As of August 2017 , the directors are: the chairperson Dame Therese Walsh (Wellington), deputy chairperson Andy Coupe (Hamilton), Abby Foote (Christchurch), Cameron Harland (Lower Hutt), Toko Kapea (Wellington), Kevin Malloy (Auckland), Julia Raue (Auckland) and Susan Turner (Auckland). Former board members include Roger MacDonnell (2010-2016). The Fifth Labour Government introduced

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1254-515: The 1News website by February 2025, investing more in its TVNZ+ streaming service and reorienting its youth-oriented platform Re:News to focus on video storytelling. On 29 October, TVNZ abandoned plans to shut down its 1News website but proposed expanding the news content of TVNZ+. On 7 November 2024, TVNZ proposed cutting 90 roles and creating 41 new roles in order to save NZ$ 30 million. This includes cutting several roles on its Breakfast and Seven Sharp current affairs shows. The TVNZ Board

1311-423: The 2022 New Zealand budget for funding the ANZPM. On 8 February 2023, Prime Minister Chris Hipkins announced that the merger of TVNZ and RNZ into ANZPM would be scrapped due to a shift in government priorities towards "cost of living issues." He confirmed that RNZ and NZ On Air would receive additional government funding. Prior to the public media entity's cancellation, the two public broadcasters had spent

1368-645: The Dream11 Super Smash domestic cricket tournament. TVNZ broadcasts timeshift channels of its three television channels. These broadcast the Auckland feed, delayed by one hour. TVNZ 1+1 was launched on 1 July 2012, replacing TVNZ 7 . TVNZ 2+1 was launched on 1 September 2013, replacing TVNZ U . TVNZ Duke+1 was launched on 17 November 2020. Internationally, TVNZ has helped provide television services in Pacific Island nations such as

1425-657: The E tū union over THE staff redundancies caused by its programming cutbacks. TVNZ issued a statement voicing disappointment with ERA's decision and that "we will now take the time to consider the decision and our next steps." On 31 May, Employment Court Chief Judge Christina Inglis dismissed TVNZ's appeal against the Employment Relations Authority's ruling and ruled that TVNZ had to enter into collective bargaining with its employees. On 7 October 2024, TVNZ's management proposed several measures to find NZ$ 30 million in cost-savings including closing down

1482-619: The 1970s and 1980s, when New Zealand had only one or two TV channels. While the Broadcasting Minister, Steve Maharey , ruled out turning TVNZ into an entirely non-commercial broadcaster, on 25 February 2006, he stated that the Labour Government was "pretty much settled" on the introduction of two new free-to-air, non-commercial channels available via digital television. One screening high-end international documentaries, re-runs of One News and minority programmes with

1539-681: The Broadcasting Corporation of New Zealand (BCNZ). The broadcaster was initially based in Television One's former headquarters at the Avalon television centre in Lower Hutt , with TV One broadcasting out of Avalon and TV2 broadcasting out of Auckland. However over the course of the 1980s, operations were gradually moved to Auckland. In 1989, TVNZ moved to a new television centre in central Auckland. In preparation for

1596-496: The Commission concluded that there was no fraud or incompetence, controversy surrounded these rulings. The Law Commission identified four court cases which arose during or immediately after the inquiry; this indicates the degree of litigation and controversy surrounding it. Other court cases also surfaced, for example against TVNZ , in relation to the inquiry's subject matter. Subsequent appeals were made seeking to overturn

1653-656: The Commission’s findings. Most notable of these was a case for judicial review initiated by Winston Peters against the Commissioner, which effectively resulted in an upholding of Davison’s findings. A subsequent ruling of the Court of Appeal overturned this finding and referred the matter back to the High Court . The final ruling of the High Court was that four of the findings of the commission which related to

1710-756: The Crown) while simultaneously implementing a new public service Charter. The TVNZ Charter would require the negotiation and reconciliation of potentially contradictory commercial and public service imperatives. The final version of the TVNZ Charter included a range of public service objectives and expectations. However, this dual remit precluded any transformation of TVNZ into fully-fledged public service broadcaster, and TVNZ's efforts to balance its pursuit of commercial performance and Charter objectives were soon being criticised. Despite some investment in local content, including new documentaries and discussion programmes,

1767-483: The Government of tight-fistedness. In late 2011, TVNZ and its pay-TV rival Sky Network Television announced the joint venture Igloo , which is to provide a low-cost pay-TV service for households not currently covered by Freeview or Sky. Igloo closed in 2017. In mid 2013, TVNZ changed its on-screen branding to a more flat, modern look. TVNZ went fully digital in December 2013, with the accompanying shutdown of

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1824-610: The Inland Revenue Department and the Serious Fraud Office. Journalist Ian Wishart was assigned by the TV3 network to report on the case, He came into possession of documents relating to tax avoidance and tax evasion ; known as the "Winebox" documents as they were in an old wine carton. Wishart investigated them in secret for TV3 and then TVNZ , but the proposed December 1993 broadcast was stopped by

1881-694: The Magnum transaction were struck out as a result of errors in law by the commission. Also struck out were associated criticisms by Winston Peters to the extent that they related to those errors in law. The Court stated: Both sides to the debate claimed victory. Changes to tax laws relating to the claiming of foreign tax credits were made. New rules relating to disclosure to the Inland Revenue Department and penalties for non-compliance were introduced. To this day controversy remains as to who "won". TVNZ Television New Zealand ( Māori : Te Reo Tātaki o Aotearoa ), more commonly referred to as TVNZ ,

1938-602: The TVNZ board and a court injunction. After Wishart leaked details of the programme, it was however eventually broadcast in June 1994 as a special primetime two-hour broadcast. Public pressure eventually forced the government to set up the inquiry in 1994. The terms of reference of the Commission of Inquiry required it to report upon whether the Inland Revenue Department and the Serious Fraud Office had acted in

1995-560: The United States. Locally produced content includes Shortland Street , Motorway Patrol and What Now , and international shows (which are predominantly American) include The Big Bang Theory , The Simpsons and The Walking Dead . TVNZ 2 is sold by TVNZ as the "home of entertainment". TVNZ Duke was launched on 20 March 2016. It initially broadcast between the hours of 6pm and midnight, although it occasionally screened live sport events outside of these hours. On average,

2052-452: The allegations of fraud and corruption. The inquiry was characterized by extensive litigation, both during and afterwards and by an extremely high level of public interest. The Commission was established in September 1994 and reported nearly three years later in August 1997. The Commission became popularly known as the Winebox Inquiry, as Winston Peters brought the documents at the centre of

2109-505: The allegations to Parliament in a winebox. The box contained numerous documents relating to a range of transactions entered into or contemplated by a number of parties. In 1992, New Zealand politician Winston Peters made repeated claims in Parliament of criminality associated with tax planning undertaken by some of New Zealand’s largest companies (some involving tax deals with the Cook Islands ) as well as fraud and incompetence by both

2166-434: The analogue transmitters to free up spectrum for telecommunications use. In January 2017 TVNZ launched their 'New Blood Web Series Competition' supported by NZ On Air. The competition is calling for aspiring content creators to submit a web series pilot episode. The winner will receive $ 100,000 to make a complete web series, which will launch through TVNZ's online channels. In addition to debates over whether TVNZ should be

2223-623: The board of TVNZ in October 2005, was obtained and released by Green MP Sue Kedgley . The memo outlined three (four) options. These were: On 15 February 2006, a group of 31 prominent New Zealanders signed an open letter, published as a full-page newspaper advertisement, calling for better quality programmes and less advertising on TVNZ. These included mountaineer Sir Edmund Hillary , and former governors-general Sir Michael Hardie Boys and Dame Catherine Tizard . However, they were accused of being out of touch and nostalgic for local programmes from

2280-454: The channel broadcasts from 10:30 am until late on weekdays, and from 7 am until late on weekends. It screens programming for a male audience with comedy, drama and factual series such as Two and a Half Men , Family Guy , The Simpsons , Everybody Hates Chris and River Monsters . It also screens a number of sporting events such as the Men's and Women's Hockey Pro Leagues and

2337-473: The closure of these channels. 6 in 2011, and 7 in mid-2012, with much of their content put into TVNZ Heartland and TVNZ Kidzone24 which are only available behind a Sky TV paywall. The Fifth National Government abolished the Charter in 2011. Political opponents accused the Government of reducing TVNZ's commitments as a public broadcaster. TVNZ 1 is TVNZ's flagship channel. Launched on 1 June 1960, it has

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2394-517: The commercial success had been achieved through an unabashed pursuit of ratings through populist and tabloid content, and prior to the 1999 election the National-led government was evidently positioning TVNZ for commercialisation Labour-led administrations since 1999 explicitly recognised the market failures of a wholly commercial broadcasting sector (e.g. saturation-level advertising, low levels of local content, heavy reliance on cheap imports and

2451-429: The content on TV One and TV2 remained similar to the pre-charter schedules, with a continuing high proportion of light entertainment and reality-TV shows. TVNZ continues to pay dividends to the Crown. However, from 2006 until 2009 TVNZ received $ 15.11 million each year from Government to assist it with fulfilling Charter obligations. There was much debate about the initial secrecy surrounding funding allocations and

2508-417: The election of a National Party-led government under John Key in 2008, the Charter was abolished in favour of a return to the 1990s model of a full commercial broadcaster. There is much debate on the future of TVNZ, which focuses on the nature of public service broadcasting and its commercial role. An example was in a memo called A More Public Broadcaster written by outgoing Chief Executive Ian Fraser to

2565-594: The investment company Pacific Rail, later renamed Midavia Rail), the American railroad Wisconsin Central (27.3%), Berkshire Partners (27.3%), Alex van Heeren, the owner of Huka Lodge, 9.1% and Richwhite family interests, 4.5%. Tranz Rail borrowed $ 223.3 million, and its shareholders contributed $ 105 million to the acquisition price through the purchase of 105 million Tranz Rail shares at $ 1 each. This bank, insurance, or other financial services corporation article

2622-591: The late 1990s and Richwhite has since moved to London . Fay and Richwhite were advisers to the New Zealand Government on New Zealand Rail Limited from 1990 to 1993 and then distanced themselves from the arrangement to sell the SOE. The Bolger National government privatised New Zealand Rail Limited in 1993. The company was sold for $ 328.3 million to a consortium named Tranz Rail Limited , made up of merchant bankers Fay, Richwhite & Company (31.8% via

2679-587: The launch of TV3, TVNZ became a profit-oriented state-owned enterprise in 1988. Broadcasting in New Zealand was deregulated in 1989. Private broadcasters were allowed to operate in competition to TVNZ. The Broadcasting Act 1989 also established the organisation now called NZ on Air which funds public broadcasting and independent media production in New Zealand. In 1990, TVNZ competed with TV3 with an advertising campaign backed by "expensive imported programmes" and local sports coverage. The Labour-led government under Helen Clark from 1999 to 2008 pursued

2736-542: The programmes supported. The allocation of $ 5 million toward coverage of the 2008 Olympics, the rights for which are secured by a competitive tender between broadcasters, was possibly the most controversial. In 2009 the Government gave control of that funding to funding agency NZ On Air . NZ On Air announced the creation of the contestable "Platinum Fund" in April 2009, setting aside the $ 15.11 million for high quality drama, documentary and other programme types. Following

2793-546: The proposed cuts and layoffs, the Better Public Media Trust has proposed funding TVNZ through a $ 60 annual levy on individuals or alternatively a digital services levy. On 13 March 2024, TVNZ employees affiliated with the E tū union objected to TVNZ's proposal to slash almost 70 jobs. E tū negotiations specialist Michael Wood said that E tū members were unhappy with the proposed restructure and "shoddy" consultation process. In early May 2024, E Tū filed

2850-488: The street... she's just so funny, isn't she?" Henry also questioned whether the Governor-General of New Zealand Anand Satyanand was "even a New Zealander", going on to ask, "Are you going to choose a New Zealander who looks and sounds like a New Zealander this time ... are we going to go for someone who is more like a New Zealander this time?" Following widespread public complaints and official criticism, Henry

2907-470: The upcoming Freeview HD DTT service, which are the Electra 7000 for HD and Electra 5400 for SD on-the-fly video re-encoders. The proposal was criticised by TV3 , which accused the Government of "bailing out" TVNZ and argued that the money would be better spent on new programming. Although Sue Kedgely welcomed the decision to make the channels (including children's programming) commercial-free, she accused

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2964-510: The working title TVNZ News 24 , would feature news, sport and special interest content, and be launched in late 2007. This would be followed by a channel featuring children's, families', arts and documentary programming, with the working title of TVNZ Home, in early 2008. While 80 per cent of the programming would be local content, 70 per cent of this would consist of repeats from TVNZ's existing channels or its archive. In April 2008, TVNZ made another purchase of more H.264 encoding equipment for

3021-609: Was appointed as the chief executive of TVNZ. Power had recently stepped down as acting chief of Westpac Bank when the bank appointed Catherine McGrath as chief executive in November 2021. Power assumed the position in March 2022, on the 4th April 2023 Power Resigned effective from the 30th June 2023 with Brent McAnulty taking over as acting CEO. In mid-June 2022, Broadcasting Minister Willie Jackson introduced draft legislation to TVNZ and fellow public broadcaster Radio New Zealand into

3078-650: Was established in 1962. It provided the production facilities for such events with 8 outside broadcast trucks across the country. This wound up in the mid 2000s after then-Australian owned outside broadcaster Onsite Broadcasting started to expand and took the OB contract off Moving Pictures for the filming of major sports for Sky TV. OSB was then owned by Sky before it was sold to American OB provider NEP . TVNZ 1 also broadcasts rural focused programmes such as Country Calendar and Rural Delivery , Māori community presentations such as Waka Huia , Marae Investigates and Te Karere ,

3135-530: Was short-lived, and Hawkesby received a $ 5.2m payout. In 2000, the Broadcasting Standards Authority ruled against TVNZ over inaccuracies in a news story about the drug Lyprinol (an extract from the New Zealand green-lipped mussel ), which was erroneously touted as a cure for cancer. In 2004 current affairs veteran of 15 years Paul Holmes sparked a public outcry after he referred to United Nations Secretary-General Kofi Annan as

3192-483: Was suspended from TVNZ for 2 weeks without pay, eventually resigning from the broadcaster. Henry's resignation polarised the New Zealand public, with supporters claiming he was a victim of political correctness , and critics accusing him of pandering to the lowest common denominator . Renewing previous debate about the role of TVNZ as a commercial broadcaster, the Sixth Labour Government announced

3249-781: Was the sole television broadcaster in New Zealand until November 1989 when private channel TV3 (now Three ) was launched. TVNZ operates playout services from its Auckland studio via Kordia's fibre and microwave network for TVNZ 1 , TVNZ 2 and TVNZ Duke , with new media video services via the American-owned Brightcove which is streamed on the Akamai RTMP / HLS DNS based caching network. Its former channels include TVNZ Kidzone (closed 30 April 2016), TVNZ Heartland (closed 31 May 2015), TVNZ U (closed August 2013), TVNZ 7 (closed June 2012), TVNZ 6 (closed 2011), and TVNZ Sport Extra (closed 2009). TVNZ

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