General Equity Building Society

[alanbond]

any info on General Equity Building Society in NZ available?

[Sapphire Capital]

www.general-equity.com/

Is a New Zealand registered Building Society, only 200000 NZD capital (about 170000 $US), all members are just fronts, everything seems to run into Melanie and Mark Bayoud, 12-16-4 City Garden Condominium, Persiarin Raja Chulan, Kuala Lumpur 50200, Malaysia, who are directors of almost all shareholders, who seem to be all NZ or UK limiteds, some dormant. However as it is really registered as a Building Society it has a SWIFT address: GEBSNZ2A

They avoid the NZ residents or citizens as customers, there is supposedly an active letter of credit business and there are some examples on the Internet but frankly the wording and style would not work with me if I was a lender, wonder if the business is real when the ownership structure does not seem to be.

so I have not found their correspondent banking

Attachments:

[lairezippert]

correspondent banking:

National Australia Bank, but the account used is that of BOJ Ltd.(http://bcoj.co.nz/index.php?lang=en)

www.general-equity.com/img/activate_v3.pdf

However B.O.J. Limited at the above website belongs to www.business.govt.nz/companies/app/ui/pages/companies/2185715

Company Address is the same as that of GEBS:

Level 4, 17 Albert Street, Auckland , New Zealand

Director is:Takashi TAKASE
36-23 Nakamachi Kodaira-shi, Tokyo 187-0042, Japan ,

The register in NZ says: This company is now overdue in its obligation to file an annual return. If the annual return is not filed immediately the Registrar will initiate action to remove the company from the register. It is owned by Reidstone Holdings ltd, which is also overdue:
www.business.govt.nz/companies/app/ui/pages/companies/1098831
and here you find again Melanie BAYOUD as only Director with her address in Malaysia.
From there ownership goes to

CANTER HOLDINGS LIMITED

Suite 1803, Chinese Bank Building, 61-65 Des Voeux Road Central, Central, Hong Kong , Hong Kong



The following article seems to be interesting: www.interest.co.nz/news/58855/registered-here-and-operating-overseas-three-building-societies-feature-us55-bln-mine-ass

there is a sample of their business handling at the last 2 pages of
www.puc.nh.gov/Regulatory/CASEFILE/2011/11-186/INITIAL%20FILING%20-%20PETITION/11-186%202011-09-29%20PPG%20AMENDED%20REGISTRATION%20AS%20A%20COMPETITIVE%20NATURAL%20GAS%20SUPPLIER.PDF

[Guest]

New Zealand's Financial Markets Authority issued an "extreme caution" in relation to General Equity on on 30 September 2014. See fma.govt.nz/keep-updated/warnings-alerts-and-scams/fmas-latest-warnings-and-alerts/2014/warning-exercise-extreme-caution-when-dealing-with-general-equity.

General Equity issues demand guarantees which are worded in such a way that General Equity retains a discretion whether to honour them, effectively making the demand guarantees unenforceable by the beneficiaries. See the New Zealand High Court's judgment in Kavo Dental GMBH v General Equity Building Society [2014] NZHC 1470 at www.nzlii.org/nz/cases/NZHC/2014/1470.html.

[GlobalTrade]

We've acquired SBLCs & Performance Bonds via agent for General Equity. All transactions have been without any issues. We were able to draw on any trade that did not perform without issues. Great source for small trades and bonds.