Tag Archives: Investigation

Fletcher Building subject to investigation by NZX

### tvnz.co.nz 11:54am
1 News
Source: NZN
Fletcher Building to be investigated by NZX as company announces much-reduced earnings
The New Zealand stock exchange says it will be investigating Fletcher Building’s additional profit warning for the year ended June 30 and the departure of chief executive and managing director Mark Adamson.
“NZX will be making inquiries into today’s disclosures, given FBU’s continuous disclosure obligations under the listing rules,” the NZX Head of Market Supervision Joost van Amelsfort said in a release.
Separately – in accordance with NZX’s routine surveillance processes – trading ahead of today’s announcement would be assessed in detail, it said.
That would be on top of NZX’s ongoing investigation into the disclosure of FBU’s previous earnings downgrade in March 2017,” it said.
Read more

****

### interest.co.nz
Posted in Property July 20, 2017 – 09:13am
Fletcher Building has announced the immediate departure of chief executive Mark Adamson and says operating earings this year will be around $100 million less than previously indicated
By David Hargreaves
Construction giant Fletcher Building says chief executive Mark Adamson is leaving immediately, while the company’s now forecasting operating earnings of around $100 million less than its last forecast.
Additionally, the company says it’s writing down the value of two business units by about $220 million. This will not be a ‘cash’ loss per se, but will carve about 3% off the value of the company’s assets.
The share price fell – down about 8.5% to $7.40.
….The $220 million write-down relates to the Iplex Australia and Tradelink subsidiaries.
Fletcher indicated that most of the reduced earnings forecast would come through two major projects: “A major project subject to previous write-downs, which has required an increase in project resourcing and therefore cost as it nears completion,” and “a second major project where construction timelines and the likely completion date have been extended”.
This is the third major profit warning the company has issued this year. After the last one in March it was speculated – and never denied by the company – that the two projects causing the biggest problems were Government projects; namely the new Sky City International Convention Centre in Auckland and the new Justice and Emergency precinct in Christchurch.
Read more

****

Sky City International Convention Centre

Remember the National government waffle:

### ODT Online Wed, 28 Oct 2015
Fletcher signs with SkyCity
By Simon Hartley
SkyCity’s $700 million convention centre and hotel project in central Auckland has contracted Fletcher Building for $477 million of the work, expected to begin by December. […] Despite controversy over the project, there was negligible political response to yesterday’s announcement, other than Minister of Economic Development Steven Joyce talking up the importance of the “national facility”.
Read more

****

20 July 2017
STATEMENT FROM FLETCHER (via interest.co.nz)

– Fletcher Building announces expected earnings for the financial year ended 30 June 2017
– Operating earnings expected to be approximately $525 million, down from previous guidance of $610-$650 million
– Likely impairment up to $220 million relating to Iplex Australia and Tradelink business units
– Departure of Chief Executive Officer (CEO) and Managing Director Mark Adamson
– Appointment of Francisco Irazusta as interim CEO, effective Monday 24 July 2017

Fletcher Building has today announced it expects operating earnings before interest, tax and significant items (‘EBIT’) to be approximately $525 million for the year ended 30 June 2017.

Trading in the Building Products, International, Distribution and Residential and Land Development divisions, as well as three of the four business units in the Construction division (Infrastructure, Higgins and South Pacific), are in line with the Company’s expectations, previously provided at the time of the interim results on 22 February 2017.

However, as work on major projects in the Building + Interiors (‘B+I’) business unit has progressed, it has become apparent that losses in B+I will exceed those previously estimated. The deterioration is due to:
– A major project subject to previous write-downs, which has required an increase in project resourcing and therefore cost as it nears completion;
– A second major project where construction timelines and the likely completion date have been extended;
– Reduced profit expectations on a number of smaller projects in the remainder of the B+I portfolio.

Fletcher Building Chairman Sir Ralph Norris said: “It is very disappointing to see further losses being reported in our B+I business, particularly when the vast majority of the remaining Fletcher Building business units have performed so well during the year. I know our people in B+I are working incredibly hard to deliver a number of projects for our clients and I would like to acknowledge their efforts.”

In addition, consistent with standard practice at the end of each financial period, Fletcher Building has undertaken a review of the Balance Sheet carrying values of its business units. This review has indicated that the value of two business units, Iplex Australia and Tradelink, are likely to be subject to an impairment charge of approximately $220 million, when the company finalises its financial statements in August. An impairment of this nature would be reported below the EBIT line and have no impact on cash earnings.

An impairment charge of $220 million would represent approximately 3% of the group’s total assets as at 30 June 2017. The amount of asset impairment is indicative at this stage and is subject to finalisation of the year-end audit.

“With regards to the impairment of Iplex Australia and Tradelink, while we do see progress in these business units the Board felt it was prudent to recognise that the near to medium term estimates of profitability in each business are not aligned with current carrying values,” continued Sir Ralph.

The Board also announced the departure of Chief Executive Officer (CEO) and Managing Director, Mark Adamson.

Sir Ralph Norris said: “The Board believes it is the right time for Mark to leave the Company, to allow a new CEO to lead Fletcher Building through this period and into the next phase of its strategy. The Board would like to thank Mark for his work and we wish him the best in his future endeavours.”

Mark Adamson said: “I am disappointed to finish my tenure on the back of a challenging result in the Construction Division, however I am proud of what has been achieved over the last five years – most notably the turnaround of Formica, double-digit earnings growth in Distribution, our acquisition of Higgins and the significant progress in our residential development division.”

The Board has appointed Francisco Irazusta interim CEO effective Monday 24 July 2017.

“Francisco joined Fletcher Building in March 2015 and is currently Chief Executive of the International Division. Prior to joining the Company he held senior leadership positions with a number of building products companies in North America and Europe and will provide stable leadership for the business during this transition, with the support of myself and the Board,” finished Sir Ralph.

The Board will now commence a process to appoint a new CEO.

[ends]

Fletcher Building http://www.fletcherbuilding.com/

Christchurch Justice and Emergency Services Precinct

Other news:
NZH: Fletcher CEO sorry for inflammatory internal email: Chairman
Stuff: SkyCity confirms delay to international convention centre as Fletchers feels ‘pain’
NZH: CEO departs amid Fletcher’s $415m fortune turnaround, stock drops to 16-month low

Posted by Elizabeth Kerr

This post is offered in the public interest.

1 Comment

Filed under Architecture, Business, Construction, Design, Economics, Finance, Geography, Media, Name, New Zealand, Politics, Project management, Property, Public interest, Urban design

Ihaka Stokes case #Christchurch #NZ

A B U S E D ● M U R D E R E D

Toddler Ihaka Stokes was 14-months old when he died after suffering 59 injuries in the days leading up to his death on July 3, 2015

File photo [via Newshub]

30/03/2017
Newshub: Jury retires to make decision on Christchurch toddler murder trial
The jury in the trial of Troy Taylor, who is accused of murdering toddler Ihaka Stokes, has retired to consider their decision …. Taylor pleaded not guilty to assaulting Ihaka on July 2, 2015 and not guilty to the toddler’s murder. Throughout his trial in the High Court at Christchurch he has continued to plead his innocence. Ihaka’s mother, Mikala, was the only other person who was in the house that night, and the defence argues it was she who inflicted the fatal blows. Cont/

At Facebook:

Stuff News includes video segments:

Murder-accused Troy Taylor says his ‘conscience kicked in’ too late to save Ihaka Stokes’ life
Last updated 17:38, March 28 2017

Troy Taylor found guilty of murdering 14-month-old Ihaka Stokes
Last updated 18:45, March 30 2017

Father of murdered toddler Ihaka Stokes ‘pretty happy’ at Troy Taylor guilty verdict
Last updated 22:13, March 30 2017

Blood on the wall: How toddler murderer Troy Taylor tried to pretend he hadn’t killed Ihaka Stokes
Last updated 16:44, March 31 2017

Lead detective had ‘terrible dreams’ during Ihaka Stokes murder investigation
Last updated 19:37, March 31 2017

Mikala Stokes seemed younger than her 21 years in the witness stand.
Photo: Iain McGregor/Faifax NZ

Ihaka’s mother Mikala Stokes leaves the High Court at Christchurch.
Photo: Iain McGregor/Fairfax NZ

Ihaka Stokes’ mother posted pictures on him online.

Fri, 31 Mar 2017
ODT: Mum goes clubbing after court
The mother of murdered Christchurch infant Ihaka Stokes went nightclubbing last night just hours after her ex-partner was found guilty of the boy’s brutal killing. Mikala Stokes (21) posted a photo on social media in the early hours of this morning. The selfie caption read: “From court to club”. Earlier in the evening, after Troy Taylor, the man who blamed her for killing her 14-month-old son at their Christchurch home in July 2015, was found guilty, Stokes posted photographs of her playing beer pong. One of Stokes’ friends on Snapchat, Julie Stechmann, screen-grabbed the nightclub photo, which was posted at about 1am. She told the Herald today that she thought it was strange behaviour. Cont/

At Twitter:

Cameron Ellen, right, carries his son Ihaka Stokes’s coffin at his funeral in 2015. The 14-month-old was murdered by Troy Taylor (in purple, centre), the then partner of his mother Mikala Stokes (obscured, behind Ellen).
Photo: John Kirk-Anderson/Fairfax NZ

Mikala Stokes and Troy Taylor together at Ihaka’s funeral.
Photo: Fairfax NZ

At Twitter:

Related Posts and Comments:
28.3.17 New Zealand child abuse
20.12.15 NZ Police family violence campaign #WalkAway
25.8.15 State Care: history of brutal child abuse #NewZealand

Posted by Elizabeth Kerr

This post is offered in the public interest.

Leave a comment

Filed under Crime, Media, Name, New Zealand, People, Police, Politics, Public interest, Travesty

What local body elections ?

Ecologist appointed to Dunedin City Council
News via Art Festival aside at ODT

### ODT Online Tue, 11 Oct 2016
Won a painting, now for a wall
A new Dunedin resident has won a painting auction; now he just needs a wall to hang the artwork on. Aalbert Rebergen recently moved to Dunedin and his admiration for the work of local artist Frank Gordon prompted a visit to his exhibition at Gallery De Novo on Saturday. The gallery was about to close when he saw the Frank Gordon painting The City of Magic & Song but could not find a price tag. […] Mr Rebergen has moved to the city to take on a new role at the Dunedin City Council as an ecologist.
Read more

We’re probably long overdue to have an ecologist on council staff.
We hear good things about Mr Rebergen, who has been with ORC.

Ecologists are specialist scientists who survey ecosystems and assess the diversity, profusion and behaviour of the different organisms within them. Ecologists tend to work for government agencies, environmental trusts, conservation charities and research institutes.
Or indeed as private consultants.

Another sort of ecology IS Dunedin City Council.
When the DCC doesn’t check leaks and drains in the hill suburbs – completely misses them despite ratepayer queries and concerns! But City Care to THE RESCUE (the company from Christchurch, best practice in hand) finds was it five burst water mains in less than a day within the same street area, where for YEARS DCC had not noticed a Cuckoo.

Infrastructure Services needs to gaze at its navel CLOSELY (another ecology!) —and Councillors, you need to check within your constituent areas for problems and complaints as well as DCC works not fully investigated and not done. (Councillors, stop desk hugging on those too generous stipends!)

nature-845849-pixabay-com-1Message to Residents and Ratepayers: DO NOT leave DCC alone

Void the leaks. Void the drainage problems of your surrounding subdivisions. Void the DCC desert that ‘serves’ us. Backfill DCC with people who know how to run infrastructure efficiently and who KNOW civil engineering for ratepayer benefit.

That is All.

BUT THEN

Job Vacancy at Dunedin City Council

CHANGE DELIVERY MANAGER
[nope, not the sort of comprehensive change we lust for at DCC but integral]

The Change Delivery Manager is responsible for leading the development, maintenance and delivery of the council’s long term application development plan as well as overseeing the implementation …
Location: Dunedin Central | Job ID: 3086108 | Closing Date: 28 Oct 2016
http://dcc.recruitmenthub.co.nz/Vacancies/3086108/title/Change-Delivery-Manager

More:
[key words below: “supports the IT Strategy”]

Change Delivery Manager
Dunedin Central

Reference: 3086108

The Change Delivery Manager is responsible for leading the development, maintenance and delivery of the council’s long term application development plan as well as overseeing the implementation of new solutions and systems and application upgrades and enhancements.

Extensive experience in programme and project management and the ability to establish and maintain a professional, customer focused service delivery culture is a must. Leading a highly motivated team of 12, you will have proven experience providing leadership, guidance and mentoring to members of the team.

Success in this role means:
Delivering the agreed requirements of the programme/project to the appropriate level of quality, on time and within budget, in accordance with the programme plan.
Ensuring our business applications are current, and implemented in manner that supports the IT Strategy.
Setting and meeting the customer’s expectations
Ensuring compliance with Governance requirements.

We are ideally seeking the following skills and experience:
Proven programme and project management delivery background.
At least 4 years’ experience leading a team.
An appropriate tertiary qualification in ICT/Business and/or well-developed ICT skills to be able to understand the technical aspects of Change and Application governance and architecture.
A demonstrable broad and deep understanding of principals of change and a range of change techniques.
Ability to capture requirements from multiple sources and translate those into effective and high performing solutions.
Excellent customer and stakeholder engagement/communication skills.
Excellent understanding and application of project/programme management, Business Analysis and ITIL practices, tools and techniques.
If you have the skills and experience we are looking for and the drive to succeed, we welcome your application.

Applications Close: 28 Oct 2016

Posted by Elizabeth Kerr

This post is offered in the public interest.

*Image: pixabay.com – nature

Leave a comment

Filed under Business, DCC, Democracy, District Plan, Dunedin, Economics, Finance, Geography, Hot air, Housing, Infrastructure, Media, OAG, Ombudsman, People, Politics, Project management, Property, Proposed 2GP, Public interest, Resource management, Site, Town planning, Transportation, Travesty, Urban design

Santa Cull’s idea of standing orders 14.12.15 #xmasface

Santa Dave's xmas present to Cr Vandervis 14.12.15 Council meetingMr Cull to Cr Vandervis: “You, sir, are a liar. Now leave.” [screenshot]

Texts received from Lee Vandervis
Tue, 15 Dec 2015 at 7:48 a.m.

█ Message: Feel free to publicly contrast what I said to ODT reporter Chris Morris with what he said I said on today’s front page.

Lee, just checking – you planning on take big any action over the mayors comments today? Chris @ ODT

Not planning any action over Mayoral comments today because action over Mayor Cull previously defaming me as shonky’ finally got an unreserved apology from him but cost a lot of time and ratepayers money as did the farcical Code of Conduct sideshow. Shame that after all the evidence that I have provided especially what has been confirmed regarding my 2011 Citifleet allegations, that our new Procurement Policy still has not resulted in an independent Procurement manager position to oversee all individual managers’ contracting behaviour . Unfortunately my email programme died last Thursday and is still inoperative. Cheers Lee

REAL TIME
Otago Daily Times Published on Dec 14, 2015
Councillor Lee Vandervis asked to leave a DCC meeting

Exchange erupts on discussion of DCC’s new procurement policy and ‘historical’ kickbacks.

### ODT Online Tue, 15 Dec 2015
Cull, Vandervis cross swords at council meeting (+ video)
By Chris Morris
A furious bust-up saw Dunedin Mayor Dave Cull call Cr Lee Vandervis a liar and order him to leave yesterday’s Dunedin City Council meeting. The extraordinary scene saw both men on their feet, their voices raised as they roared over the top of each other, before Cr Vandervis packed up in silence and left with a parting shot.
Read more

Report – Council – 14/12/2015 (PDF, 143.8 KB)
Procurement Policy (Proposed), December 2015

Related Posts and Comments:
14.12.15 Epere arrested
14.12.15 ORC, DCC – must be the season, minus goodwill, plus fear! and generous pay!

Posted by Elizabeth Kerr (elf)

36 Comments

Filed under Business, Citifleet, Construction, CST, Cycle network, DCC, DCHL, DCTL, Delta, Democracy, District Plan, Dunedin, DVL, DVML, Economics, Enterprise Dunedin, Hot air, Infrastructure, Media, Name, New Zealand, Ngai Tahu, NZRU, NZTA, OAG, OCA, Offshore drilling, Ombudsman, ORFU, People, Police, Politics, Pools, Project management, Property, Proposed 2GP, Resource management, SFO, Site, Sport, Stadiums, Tourism, Town planning, Transportation, Urban design

ORC, DCC – must be the season, minus goodwill, plus fear! and generous pay!

O me miserum, O Christmas Tree, WHYYYYY (Santa will look after us, won’t he)
THERE IS NO BULLYING, NOPE

xmas - charlie_brown_christmas [westword.com] 1

The survey showed staff were particularly unhappy about the council’s executive team of five directors and Mr Bodeker.

### ODT Online Mon, 14 Dec 2015
Unhappy at ORC, staff say
By Vaughan Elder
Otago Regional Council’s chief executive has denied there is a “culture of fear” in the organisation after top management were singled out for criticism in a staff survey. Peter Bodeker, who was appointed chief executive in 2012, made the comments after the “2015 Employee Survey”, which was answered by 123 staff (95%), was leaked to the Otago Daily Times.
Read more

Proposal in response to failed attempts at super councils in the North Island.

### ODT Online Fri, 11 Dec 2015
Councils may share services
By David Loughrey
A proposal to amalgamate some services of the six Otago councils is not a move to a super council, mayors say. […] Under the proposed system, local representation would stay as it is, but areas from payroll to IT, legal services, water, wastewater and roading services could be shared.

Steady stream of resignations and redundancies taking its toll.

### ODT Online Thu, 3 Dec 2015
‘Culture of fear’ at DCC
By Chris Morris
Morale within the Dunedin City Council is taking a hammering as criticism and upheaval fuel a “culture of fear”, staff say. The concerns come from past and present staff, who have told the Otago Daily Times about the impact of constant restructuring, stretched budgets and redundancies.
Read more

Related Post and Comments:
3.12.15 DCC factory crew issues, ELT, CEO….

Posted by Elizabeth Kerr

*Image: westword.com – Charlie Brown Christmas, re-coloured by whatifdunedin

41 Comments

Filed under Business, Citifleet, Cycle network, DCC, Democracy, District Plan, Economics, Geography, Infrastructure, LGNZ, Media, Name, New Zealand, NZTA, OAG, Ombudsman, ORC, People, Police, Politics, Project management, Property, Proposed 2GP, Transportation, Urban design, What stadium

OIA Review: Bev’s off, thank god! #politicallyblinkered #shakethattreesomemore

Updated post
Sat, 5 Dec 2015 at 1:17 p.m.

LIES and SPIN, Bev

Beverley Wakem 1 [nbr.co.nz]### NZ Herald Online 1:40 PM Wednesday Dec 2, 2015
Official Information Act review finds ‘no deliberate misuse’
By Isaac Davison – NZH political reporter
A high-level review of the Official Information Act will not uncover any widespread political interference in the release of information, its author says. The Ombudsman’s Office will release the findings from its comprehensive, year-long review next week. Chief Ombudsman Dame Beverley Wakem said today that the investigation had not discovered malicious or deliberate misuse of the Act by ministers’ offices or by Government departments.

“We’ve really shaken the tree over this and haven’t been surprised by what’s fallen out,” she told a Parliamentary committee this morning.

She admitted that she had suspected political interference, but had found no hard evidence of it. Dame Beverley said people who had complained to her office could be perceiving political spin or “bad behaviour” when it did not exist, and she could not make any findings “based on hearsay”.
Read more

█ The release of the report will be Dame Beverley’s last act as Chief Ombudsman after 10 years in the role. She is being replaced by former Principal Family Court Judge Peter Boshier next week.

Gun shy ? (broken record – your 10 limp-wristed years, inter-agency OBFUSCATION, or lose your privilege, your confidence, your connections, your office budget….)

DemiLovatoVEVO Published on Oct 9, 2015
Demi Lovato – Confident (Official Video)

Sharon Murdoch (@domesticanimal) 5.12.15 Dame Beverley [Stuff.co.nz]Sharon Murdoch, Dame Beverley December 5, 2015 [Stuff.co.nz]

Related Posts and Comments:
9.11.15 Citifleet investigation: Final police report 29.10.15
5.3.15 John Key’s NZ spying on Pacific neighbours
15.1.15 New Zealand: Salmond on abuse of democratic freedoms
16.12.14 Chief Ombudsman | OIA review
24.10.14 John Key’s Godzone and the OIA
19.9.14 Chief Ombudsman Beverley Wakem to launch post-election inquiry
21.3.13 Public service causing “paralysis of democracy” with OIA requests
26.7.12 ‘The Public’s Right to Know’ – OIA Review
2.12.09 DScene – OIA requests about stadium endless?

█ For more, enter terms such as *audit nz*, *auditor general*, *citifleet*, *corruption*, *courthouse*, *cst*, *dcc*, *delta*, *department of internal affairs*, *dia*, *dvml*, *fraud*, *gambling*, *kaipara*, *nzru*, *oag*, *orfu*, *pokies*, *racing*, *rugby*, *sfo*, *stadium*, *ttcf* or *whistleblowers* in the search box at right.

Posted by Elizabeth Kerr

*Image: nbr.co.nz – Beverley Wakem

20 Comments

Filed under Business, Democracy, DIA, Economics, Events, Geography, Media, Name, New Zealand, OAG, Ombudsman, People, Police, Politics, Project management, SFO

DCC factory crew issues, ELT, CEO….

sue bidrose [whatifdunedin]Following Tony Avery’s departure, a “Ruthless” ‘direct, no-nonsense approach to changeover issues’. Sue Bidrose ‘appeared to lack leadership experience, which she said was “possibly” true’.

### ODT Online Thu, 3 Dec 2015
‘Culture of fear’ at DCC
By Chris Morris
Morale within the Dunedin City Council is taking a hammering as criticism and upheaval fuel a “culture of fear”, staff say. The concerns come from past and present staff, who have told the Otago Daily Times about the impact of constant restructuring, stretched budgets and redundancies.
Read more

So. Staff are at the mercy of the D’urbavilles. There’s a new CEO waiting in the wings if anybody wants to sign out.

Related Posts and Comments:
30.11.15 City council “justifiably proud of its fiscal discipline” —Cull…
19.11.15 DCC Proposed 2GP ridiculousness: formatting + plan content
● 16.11.15 DCC operating deficit $1M worse than budget
9.11.15 Citifleet investigation: Final police report 29.10.15
● 6.11.15 DCC non compos mentis
15.10.15 DCC Citifleet: Redactions redactions
● 18.9.15 DCC suddenly wakes up! *cough —after fleet car pointers…
8.9.15 DCC Citifleet: Council steered off SFO investigation
● 22.8.15 DCC cycleway$ now tied to more ‘urban de$ign’ $pend, after reha$h…
10.8.15 DCC AMAZE —oh, more fraud
4.7.15 DCC Citifleet, [a] Deloitte report leaked
25.6.15 DCC Citifleet COVERUP #screwy
9.6.15 City promotion: moral fibre
7.5.15 DCC staff numbers, trending down
● 24.4.15 DCC re Dr Bidrose’s time as most senior Citifleet Manager
● 17.3.15 DCC whistleblowing —what is open government ?
15.2.15 DCC reality check —‘CEO Bidrose confirms no Vandervis complaint…’
11.2.15 Dunedin Cycleways: Pet project staff, ‘entitlement’? #irony
● 27.10.15 DCC: South Dunedin flood | higher learning for chief executive
29.12.14 DCC gets QLDC talent…. the weft and warp deviously weaves
● 19.12.14 DCC: Limited Citifleet investigation about insurance
● 18.12.14 DCC: Deloitte report released on Citifleet
● 22.11.14 ODT puffery for stadium rousing ?
● 19.11.14 Forsyth Barr Stadium Review
● 3.9.14 Stuff: Dunedin council CEO won’t resign
28.8.19 DCC: Tony Avery resigns
26.8.14 DCC: Extraordinarily stupid appointment ~!!!
31.7.14 DCC: Services and development #staffappointment
● 1.7.14 DCC: Far-reaching fraud investigation Citifleet
3.6.14 DCC unit under investigation
2.5.14 DCC $tar-ship enterprise
28.4.14 DCC loses City Property manager in restructuring
24.1.14 Stadium: It came to pass . . .
6.1.14 DCC: New Year revelation on staff bonuses
● 28.12.13 Sue Bidrose, DCC chief executive
● 18.11.13 DCC: New chief executive

Posted by Elizabeth Kerr

*Image: Sue Bidrose via Dunedin Television, tweaked by whatifdunedin

12 Comments

Filed under Stadiums