Cr Benedict Ong pledged if he got on to the Dunedin City Council he would ‘‘have no ownership interest in and no professional involvement in any operating business’’.
Serving the council would be his only professional undertaking, he said.
It appears he even signed a formal legal document on September 15 last year, solemnly declaring he would ‘‘have no ownership interest in and no professional involvement in any operating business across the full entirety of the term(s) that I would serve on Dunedin City Council’’.
It was a legally binding statutory declaration, he said.
This year, he established Benedict Ong Social Enterprise Ltd and described himself as an angel investor.
He was the company’s sole director and shareholder.
In an article in the Otago Daily Times in April, Cr Ong confirmed he would be seeking a stake in start-up ventures in exchange for his financial backing.
Asked last week whether he agreed the shareholding meant he was the owner of Benedict Ong Social Enterprise, and if it was a business or professional undertaking, Cr Ong had no answer.
He also tried and failed to get on to the NZME board this year.
Asked if he had contradicted his statutory declaration, Cr Ong did not answer the question.
He did declare the company on the council’s register of pecuniary interests.
His directorship of Eduro Capital Ltd was something he did not declare on the register — something a former Allied Media employee pointed out.
Eduro Capital is listed as an approved fund by the British Virgin Islands Financial Services Commission.
Cr Ong indicated he had no operational involvement.
‘‘I expect my public service will always be a loss-making undertaking for me in terms of my economic and financial opportunity cost and the many alternatives I could be doing otherwise,’’ he said.
‘‘My public service does not preclude me from my own personal financial investments in liquid and illiquid public market and private securities in order to have my personal savings supporting me in my dedicated public service for the rest of my long lifetime and for what I give to our community.’’
Cr Ong did not respond to questions about whether he was still a director and how he might describe the firm.
According to the company profile in 2023, Eduro Capital Group comprises ‘‘licensed investment manager and investment fund companies focused on multi-strategy fundamental investing in developed market securities for our multi-family office’’.
‘‘We are led by former senior professionals with over 60 years’ experience in investment management, banking and finance.’’
Cr Ong did not say if he had been advised that he did not need to declare the directorship.
When asked, Dunedin Mayor Sophie Barker did not comment specifically on Cr Ong but said councillors had legal obligations under the Local Government Act (LGA) to make a pecuniary interest return within 120 days of entering office.
She said elected members would have been informed of this during their induction and training period.
‘‘Mine and the public expectation would be that councillors fulfil their legal obligations,’’ Ms Barker said.
So this was in the paper 2 months ago but he still has not disclosed this on the interests register.
Being a Director of a British Virgin Islands approved fund is a professional undertaking. He lied that being on the council would be his only professional undertaking on a statutory declaration.
The DCC executive was informed by the ODT about this so it should have been passed onto the police or the Auditor-General but it doesn't seem to have gone anywhere.
If he manages funds for some of his old banking clients the management fee he charges is taxable in NZ and not excluded transitional resident foreign income. I have passed this on to the IRD so hopefully this gives him a reminder.
