Swann sales net $2m-plus

More than $2 million has now been recovered by the Government from the sale of assets seized from convicted fraudster Michael Swann.

A spokesman from the Ministry of Economic Development, which is collecting money from the sale of 51 assets, said last week $2.122 million had been recovered to date. Of the just under $1 million recovered in the past six months, some or most is believed to have come from the sale of properties.

The Otago Daily Times understands three Dunedin properties - the historic Ferntree Lodge, another house in Ferntree Dr, and a house at Careys Bay - were sold last year to separate buyers for $980,000.

They have a combined rateable value of $1.34 million.

Two houses in Rowan Court, Wanaka, are also believed to have recently been sold. The ministry spokesman would not confirm the sales or sale prices, saying privacy of the buyers and commercial confidentiality had to be taken into account.

Swann was convicted in 2009 of defrauding the Otago District Health Board of $15.1 million through fraudulent invoicing while he was the board's IT manager between 2000 and 2006.

- allison.rudd@odt.co.nz

 

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