Five years of legal wrangling has ended in a NZD2.2 billion settlement reached between the New Zealand Inland Revenue Department (IRD) and the country's four largest banks. The multi-billion dollar agreement between the IRD and four Australian-owned banks, the Bank of New Zealand (BNZ), ANZ National (ANZ), Westpac and ASB Bank ,was announced in a settlement by Peter Dunne, New Zealand Minister of Revenue on December 23rd. The settlement, believed to be the largest in the country's history, revolves around alleged tax ... Read More

A New Zealand company has reportedly been linked with transportation of North Korean weapons to the Middle East. As previously reported, on December 12th a Russian made Il-76 aircraft, carrying weaponry from North Korea, was seized by Thai authorities in a Bangkok airport. The plane was allegedly chartered by a mysterious New Zealand registered company, SP Trading Limited. The destination and buyers are still unknown, and the crew members maintain that they have no knowledge of the weaponry on board. Details emerged that ... Read More

On December 16-17th, Murray McCully, New Zealand Minister of Foreign Affairs, met with Sergey Lavrov, Minister of Foreign Affairs of the Russian Federation, to discuss bilateral and international issues. It was noted by the ministers that 2009 marked the 65th anniversary of the establishment of diplomatic relations between the Russian Federation and New Zealand. In a sign of a continued productive relationship it was agreed by both parties to expand potential trade, economic, scientific, cultural and educational opportunities between the nations. In an ... Read More