EPMU files accounts, where is the $6M

Pat on back EPMU but what happened to the $6M – Observation by the Owl

The EPMU have filed their 2012 accounts and the Owl is the first to congratulate the new executive and President on their fine financial performance.

Readers, they have trimmed costs, their notes are excellent and it is good detail for members. They even reported a surplus. Things look like they have changed under the new membership.

If I was a member of the EPMU I would congratulate the Executive (and maybe the WOBH for making them aware of better reporting standards – but the Owl is humble). Good work by the auditors too. You all get an A+ 

Owl’s Observation

However and it is a big HOWEVER, this note in the accounts sends shivers down my feathers.




THANK YOU for being a subscriber. Because of you Whaleoil is going from strength to strength. It is a little known fact that Whaleoil subscribers are better in bed, good looking and highly intelligent. Sometimes all at once! Please Click Here Now to subscribe to an ad-free Whaleoil.

  • Macca

    So a bit of creative accounting! Why is it that none of these revelations NEVER make the news? Wasn’t Heatly demoted after the media crucified him for not declaring the purchase of 2 bottles of wine worth about $20 each? Whats the difference? Its still fraud!


    • Sir Cullen’s Sidekick

      Settle down Macca. All spent for good cause only.

    • Ronnie Chow

      Get rid of the porn from The Truth , cut the price and fill it with cutting edge reporting .

      • Lion_ess

        That’s a great idea Ronnie, only that the grubby section generates income and replacing this with a cutting edge reporting section costs money.

  • Sym Gardiner

    $6m black hole.

    • Kacanga

      #Hey Clint, weren’t we supposed to put that $6 mil in sheep’s overseas account?

  • Muffin

    If there is no intention to trade again then the value of the shares should be recorded at nil. Active market for them or not.

  • blokeintakapuna

    …and Andrew Little is a shareholder according to today’s Company Registrar…

    Financial irregularities by a sitting Labour MP… I wonder if the AG will look into this, or maybe just the IRD? Or since it’s multi-millions of employee’s funds, maybe the Labour Department should investigate?
    There’s certainly something decidedly whiffy about this with the taint of skulduggery going on.
    Yet again… more smoke surrounding union financials – so I hope the Authorities / Fire Dept / SFO are not asleep at the wheel when multi-millions of investor funds are at stake?

  • cows4me

    Does the EPMU hire the same accountants as the Melon Party, they can make money disappear and materialise in the same breath. What a pity the jails are full.

  • Ian

    But unions protect workers . . . yeh right. Little is nothing short of a thief, and as an employer had dealings with the twerp. EPMU like all other unions have been fleecing members to maintain lavish living styles for years. They have as much, if not more, than Mumbles Shearer hidden in sly accounts.

  • williamabong

    So what we are saying here is $6m just got tipped into a hole and vanished, how the fuck does that work?
    There must be a destination for the money, it was taken from one account and poured into this company then it just ceased to exist, something here smells,and a Labour list MP has his name all over this company, is this for real.

    This needs to be kept in the spotlight, nothing disinfects like sunlight, and if this grows legs even the media can’t ignore it.

  • Sir Cullen’s Sidekick

    Bros – Don’t boil. It is just a minuscule rounding error. Let us move on shall we?

    • AnonWgtn

      Rounding balance.

  • In Vino Veritas

    Hmm. I thought that in general circumstances, one share is owned so as to allow shareholder salaries to be paid. Also, given that the EPMU effectively owns all of the shares in the company, surely the cash movements of the company should be amalgamated into the EPMU accounts, and the use of this $6m should be recorded somewhere in past financial statements??

  • BJ

    ‘NZ Engineering Bargaining Agents Ltd’ The company name says it all – $6m worth of ‘bargaining’!

    • Ian

      Bet Fairfax don’t mention this scandal!

  • island time

    At least the Auditors have impaired the loss. Otherwise it is just the same as Enron. It would be great to see where the money went after being placed into the now dormant company

  • johnbronkhorst

    Isn’t this the model used for companies set up in the Caymen Islands??
    A real gangster stile shell company, NO sales, no service, no income or expenditure just a shit load of money in the bank…I suggest waiting to be spent on behalf of the members at the next election, to support…oh I don’t know….maybe the greens and labour……just a thought?

  • Patrick

    Settle down, the money was not “lost” or “misappropriated” – dollars to donuts it was funneled to the Labour Party. Mallard made a big deal prior to the 2005 election making up lies about American bagmen funding National. That was all a smokescreen to divert attention as the unions secretely stole membership fees & used the money to finance the Labour Party.
    Remember you can trust Labour, paragons of virtue!

  • Bunswalla

    I’d check Shearer’s US bank account – and the one in the Cayman Islands…

    • AnonWgtn

      Nah – Shearer is not clever enough – only forgetful.

  • Jonathan Pull

    So businesses use this practice daily but when a union does it its some how worse.
    Go after the lot, if the union have dodgy dealings chase em down by all means but what good is it hammering them like they’re some kind of evil when business has been doing this since god only knows when.

    • johnbronkhorst

      bull shit, businesses do this as common practice…just plain bull shit.

      • Jonathan Pull

        They don’t creatively structure their business and income so as to make the book look more appealing? You sir are a blinded moron if you think they dont. Hell the revenue minister admits that they do it.

        • johnbronkhorst

          That is no way the same as creating a whole new company just to hide money in. Any money, in a company that isn’t used to make more money and expand the company is DEAD money and a drag on profits. This would make YOU the moron if you believe any successful legitimate company would do this!!!!
          This is the way gangster hide their money!!!

        • Ian

          Your surname depicts the type of person you are. You losing envious socialists should try going into business, but of course, none of you have the guts, nor ability.

          • Jonathan Pull

            You assume I have never operated or owned a business.
            Please continue to assume if it some how makes you feel superior.

    • Ian

      The waffle of a unionist . . . not the words of a commercial operator. Why are they so envious, is it because they can’t accept the fact they are losers?