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BNZ Will Appeal High Court Decision

August 11, 2009 New Zealand FinanceNew Zealand Taxation  No comments

An appeal will be filed to the High Court’s decision regarding its judgment of BNZ and its structured finance accusations.

According to statements made on the 11th of August by Andrew Thorburn, BNZ Chief Executive Officer, the bank will be filing an appeal to last month’s High Court decision. He said “This is a complex area of law, and given the facts of the case, we’re not convinced that the decision was the right outcome.”

The IRD accused the bank of engaging in six separate “structured finance” operations which, according to the IRD, held no commercial utility beyond the lowered taxation liability which resulted for BNZ...

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