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A Sydney-based accounting firm knowingly hired a New Zealand national convicted for his role in a multi-million dollar corporate collapse to assist with making acquisitions.
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Sydney firm harboured Kiwi criminal
23 April 2015
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8 minute read
Speaking to AccountantsDaily's sister title ifa on condition of anonymity, a Sydney business consultant has alleged that convicted and banned Kiwi businessman Mark Bryers – founder of collapsed investment firm Blue Chip – was the driving force behind a number of recent acquisitions made by Talos Accounting Group.
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Mr Bryers is a former bankrupt and was convicted in May 2010 for breaches of New Zealand’s Companies Act and Financial Reporting Act.
The consultant and close associate of Talos said that for the eight accounting and financial services firms acquired by Talos in recent years, six of the vendors are now in “various stages of legal action” against the accounting group.
A former financial planning practice owner – who sold to Talos in mid-2014 – said Mr Bryers originally introduced himself as ‘Mark Ryan’, but that his true identity subsequently came to light, along with his plans to acquire “100 financial planning and accounting businesses” over a three-year period and to help Talos list on the ASX.
A judgement issued by the High Court of New Zealand in late 2014 confirms that Mr Bryers has operated in Australia under the name of Mark Ryan in the years following his conviction and bankruptcy.
The judgement also concludes that Talos was aware of Mr Bryers operating under a false name in order to “not draw attention to himself” and that it was aware of his history in New Zealand prior to commencing a business relationship with him.
However, Mr Bryers’ role within the Talos group is disputed, with some suggestions he actually had a controlling stake in the acquisition-hungry accounting firm.
While Australian Securities and Investments Commission documents list one Stephen Lacy as Talos’s sole director, a media release issued by Talos in 2014 – and quoted in the High Court judgement - stated that Mr Bryers was only engaged by the company in a consulting capacity ending in August 2014.
“[Mr Bryers] is not, nor has he ever been, a shareholder or director of Talos Accounting”, the media release said.
Meanwhile, a sworn affidavit registered in the High Court by a former Talos associate – and seen by AccountantsDaily – claims Mr Bryers is actually the “general manager of each entity inside Talos Group and owns 51 per cent of each company”.
“[Mr] Bryers directed everything and gave instructions to [Talos’s] management and all staff,” the affidavit said. “In reality all management and board decisions were essentially made by [Mr] Bryers.”
Mr Bryers was approached for comment but did not respond.
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