Film Studios The Tangled Web

 

On 1st November 2010 ACIL (Auckland Council Investments Limited) inherited Waitakere City Council’s shares in Auckland Film Studios Limited. (AFSL)

On 2nd March 2011 the Board meeting of ACIL acknowledged the investment in AFSL had been written down from $6million as at 31/10/10 to $3.329million.The agenda for ACIL’s Board meeting to be held tomorrow records

  1. Receivership of Tony Tay Film Limited

There have been no developments over the past month.

  1. Profitability

There has been no major change in the profitability of the company.

 

The Receivers’ First Report on Tony Tay Film Limited is dated 31st March 2011 and is available on the Companies Office website.

It reveals Tony Tay Film Limited borrowed funds from Rehoboth Entertainment (NZ) Limited (RENZL) in May 2010 due for repayment on 1st January 2011. When repayment was not made a Notice of Default was issued. At the date of appointment of Receivers on 1st February 2011 RENZL was owed $1,439,766 subject to interest and penalties.

 

Following my LGOIMA request to Auckland Council on 9th February and Council’s refusal to accede to my request I lodged a complaint with the Office of the Ombudsmen on 20th March. The Ombudsman handling my complaint informed me yesterday that she has such a backlog of work she has not had a chance to consider my complaint as yet.

 

The ownership structure and directorships of various companies associated with Tony Tay and Kieran Fitzsimmons makes for interesting reading.

 

AFSL (formerly Prime West Limited)

Incorporated: 20/1/05

Current Owners: Tony Tay Film Limited (55.6%), ACIL (44.4%)

Current Directors: John Duncan, Ross Jewell, Gregory Parker, Stephen Lawrence, Anthony McCullagh

  • Tony Tay and Kieran Fitzsimmons were removed as directors on 18/2/11.
  • Kieran Fitzsimmons is the manager of AFSL
  • Tony Tay and RENZL (Kieran Fitzsimmons) are joint owners of Tony Tay Film Limited

 

Tony Tay Film Limited

Incorporated: 1/11/07

Current Owners: Tony Tay Trust Ltd (85%), RENZL (15%)

Current Directors: Tony Tay, Kieran Fitzsimmons

IN RECEIVERSHIP

 

ACIL (formerly Auckland Transitional Agency)

Incorporated: 29/9/10

Current Owners: Auckland Council

Current Directors: Simon Allen, Candis Craven, Miriam Dean

 

Rehoboth Entertainment (NZ) Limited

Incorporated: 1/11/07

Current Owner: Kieran Fitzsimmons

Current Director: Kieran Fitzsimmons

 

Tony Tay Trust Ltd

Incorporated: 21/7/05

Current Owners: Tony Tay (52%), Selina Tay (48%)

Current Directors: Tony Tay, Selina Tay

 

Kieran Fitzsimmons and Tony Tay share directorships of two companies which are currently listed in the Companies Office as overdue in filing of their Annual returns, namely Jireh Entertainment Ltd, and Successful Trading Ltd.

 

Jireh Entertainment Ltd

Incorporated: 1/2/08

Current Owners: Tony Tay Trust Ltd (50%), RENZL (50%)

Current Directors: Tony Tay, Kieran Fitzsimmons

 

Successful Trading Ltd

(formerly The Millionaires Club Ltd)

(formerly Southern Lakes Studios Ltd)

Incorporated: 20/2/08

Current Owners: Tony Tay Trust Ltd (50%), RENZL (50%)

Current Directors: Tony Tay, Kieran Fitzsimmons

 

In all, there are currently 14 Tony Tay companies which are late in filing their annual returns with the Companies Office. I was quite surprised by comments from Neville Harris, Registrar of Companies on 1st April 2011. “The Companies Office recently launched a new website and due to the transition for clients from the old system to the new system, the registrar has opted to cease all removal action..” “Please note, the Registrar is under no obligation to remove a company for failing to file an annual return.” 

— So much for transparency!

 

Ratepayers are sick of being screwed by increasing rate demands every year. The example above illustrates just some of the wastage that goes on and without full accountability you can imagine the total waste that goes on year after year.

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