Fay Richwhite
The firm was the prime focus of the "Winebox Inquiry" which dealt with, among other things, tax-avoidance arrangements in the Cook Islands.Fay and Richwhite were also involved in a series of transactions between 1986 and 1993 involving their companies European Pacific Investments; Capital Markets; Fay, Richwhite; the Bank of New Zealand; Tranz Rail; and Telecom New Zealand, transactions in which they personally gained over half a billion dollars at the same time as their minority shareholders lost NZD$277 million.[1] Fay and Richwhite also made NZD$274 million from sales of Telecom New Zealand share options in September 1993 without having to put up any capital in advance.The Bolger National government privatised New Zealand Rail Limited in 1993.The company was sold for $328.3 million[2] to a consortium named Tranz Rail Limited, made up of merchant bankers Fay, Richwhite & Company (31.8% via the investment company Pacific Rail, later renamed Midavia Rail), the American railroad Wisconsin Central (27.3%), Berkshire Partners (27.3%), Alex van Heeren, the owner of Huka Lodge, 9.1% and Richwhite family interests, 4.5%.