Latest news with #Callanan
NZ Herald
6 days ago
- Business
- NZ Herald
KiwiSaver: In wake of Aussie failure, what would happen here if a KiwiSaver provider failed?
Providers are subject to oversight from a supervisor, who can also choose to appoint a third-party custodian or act as custodian themselves. 'I think we've got a more effective regulatory regime. It's set up really well to protect KiwiSaver members and investors,' Callanan said. There is always the risk that investments could go wrong, but KiwiSaver schemes do have some protections in place. Photo / Getty Images He said the supervisor was 'effectively a trustee'. 'We're in place to ensure that KiwiSaver providers are doing the right thing for investors. If there was an issue with a KiwiSaver provider then the supervisor would be able to step in and take control back and come up with a solution.' Callanan said that could involve appointing another manager if necessary. 'We have the power to step in and to take control back in the interests of those investors.' He said that because there were a limited number of independent supervisors, they were closely regulated by the Financial Markets Authority. 'In Australia, there are hundreds of responsible entities who play that role.' Callanan said if a fund manager was failing, it would not be able to access investor funds. 'That's another area that in those scenarios that I've seen in Australia hasn't worked. You've got fund managers just dipping into investor monies, you know, to go and buy a Lamborghini or whatever they feel like on a whim. 'That just couldn't happen here because we've got independent custodians and again, Public Trust is an independent custodian for a number of KiwiSaver providers, and that can give investors confidence.' He said there was also a strong conflict-of-interest regime in place. 'Even for fund managers who might undertake what is called a related-party transaction ... the Financial Markets Conduct Act stipulates the process they have to go through to work with their supervisor to get that transaction across the line.' But that does not mean you cannot lose money in KiwiSaver. Callanan said there was always the risk that investments could go wrong and financial markets might not perform as expected. 'But if you're with a KiwiSaver provider in New Zealand, you can have confidence that there's a mechanism in place in the supervisors that if something was to go wrong with that manager, the supervisor would step in and stop you falling down the metaphorical cliff. 'There's always the possibility that someone makes a silly financial decision or you could pick an investment that's really bad. My advice would be to avoid a situation where you have all your eggs in one basket.' He said that could only happen with the KiwiSaver schemes that allow people to choose their own investments. 'Most KiwiSaver providers are offering these diversified products and you can be really confident you've going to get a good outcome because you've spread your risk in an appropriate way.' Financial Markets Authority (FMA) director of markets, investors and reporting John Horner said the law prescribed the segregation of duties in relation to managed investment schemes. 'Generally, while the manager of the scheme is responsible for investment decisions, the custodian is responsible for holding and safeguarding the scheme property – segregation of legal ownership – and for keeping records of the scheme property – segregation of functions. Supervisors licensed by the FMA are responsible for custody. Depending on the scheme's governing documents, a supervisor may appoint another appropriate independent person as custodian. 'MIS [managed investment scheme] managers and supervisors are obliged to act with care, diligence and skill. MIS managers are expected to maintain strong capital positions, professional indemnity insurance, parent company guarantees or other, similar arrangements. Managers are also required to notify the supervisor if they are, or are likely to become, insolvent. The supervisor is responsible for monitoring the manager's performance of its functions and obligations, as well as its financial position. 'In the event that the fund manager becomes insolvent or is otherwise unable to continue operations, the supervisor has the power to appoint a temporary manager to ensure the continued management and operation of the fund until a permanent replacement is appointed.' – RNZ
The Journal
05-06-2025
- The Journal
Lawyers for murder-accused Sean McGovern to challenge legality of his extradition from Dubai
LAWYERS FOR SEAN McGovern (39), who is charged with murder and directing a criminal organisation, have raised a concern about the legality of his extradition to Ireland from the United Arab Emirates last week. Olan Callanan BL, for McGovern, today told the three-judge, non-jury Special Criminal Court that Michael Staines solicitors office will issue a letter to the Director of Public Prosecutions (DPP) imminently, putting them on notice of an application. Callanan asked the court to set a date for a hearing. He said: 'The fundamental concern is the legality, the propriety and the process which surrounded his arrival in Dublin.' On 29 May, when McGovern arrived in Dublin and was first brought before the court, Callanan said he was reserving his position on the legality of the process and the jurisdiction of the non-jury court. Sean Gillane SC, for the DPP, told the court that a first book of evidence relating to the charges against McGovern will be ready by the end of July. The DPP will update the court on a second book of evidence at a later date. McGovern viewed today's proceedings via video-link from prison. He spoke only to confirm that he could hear what was being said. Justice Karen O'Connor agreed to set a date for hearing McGovern's application on Wednesday 18 June. McGovern will again appear by video-link rather than in person. Advertisement The court set a date in late July for service of the book of evidence. An Irish Air Corps Casa 295 plane took McGovern from Dubai to Dublin last week, stopping off in Larnaca in Cyprus and Marseille in France to refuel. He landed at Casement Aerodrome in west Dublin before gardaí brought him before the Special Criminal Court where he was charged with five offences. McGovern (39), with a previous address at Kildare Road, Crumlin, Dublin 12 is charged with the murder of Noel Kirwan on 22 December 2016 at St Ronan's Drive, Clondalkin in Dublin. He is also charged with directing the activities of a criminal organisation in connection with the same murder between 20 October 2016 and 22 December 2016. He is charged with directing the activities of a criminal organisation in connection with the surveillance of James Gately in preparation for the commission of an indictable offence between 17 October 2015 and 6 April 2017. Another charge alleges that between 20 October and 22 December 2016, he contributed to or participated in activity intending or being reckless as to whether such activity would facilitate a criminal organisation in the murder of Kirwan. He faces a similar charge of facilitating a criminal organisation in a conspiracy to murder James Gately.
Sunday World
05-06-2025
- Sunday World
Sean McGovern to challenge legality of extradition from Dubai, court told
McGovern viewed today's proceedings via video-link from prison. Olan Callanan BL, for McGovern, today told the three-judge, non-jury Special Criminal Court that Michael Staines solicitors office will issue a letter to the Director of Public Prosecutions (DPP) imminently, putting them on notice of an application. Mr Callanan asked the court to set a date for a hearing. He added: "The fundamental concern is the legality, the propriety and the process which surrounded his arrival in Dublin." On May 29 last, when McGovern arrived in Dublin and was first brought before the court, Mr Callanan said he was reserving his position on the legality of the process and the jurisdiction of the non-jury court. Sean Gillane SC, for the DPP, told the court that a first book of evidence relating to the charges against McGovern will be ready by the end of July. The DPP will update the court on a second book of evidence at a later date. McGovern viewed today's proceedings via video-link from prison. He spoke only to confirm that he could hear what was being said. Ms Justice Karen O'Connor agreed to set a date for hearing McGovern's application on Wednesday, June 18th. McGovern will again appear by video-link rather than in person. The court set a date in late July for service of the book of evidence. Read more Sean McGovern's partner waves Dubai to Kinahan cartel lieutenant An Irish Air Corps Casa 295 plane took McGovern from Dubai to Dublin last week, stopping off in Larnaca in Cyprus and Marseille in France to refuel. He landed at Casement Aerodrome in west Dublin, before gardai brought him before the Special Criminal Court where he was charged with five offences. McGovern (39), with a previous address at Kildare Road, Crumlin, Dublin 12 is charged with the murder of Noel Kirwan on December 22, 2016 at St Ronan's Drive, Clondalkin in Dublin. He is also charged with directing the activities of a criminal organisation in connection with the same murder between October 20 2016 and December 22, 2016. He is charged with directing the activities of a criminal organisation in connection with the surveillance of James Gately in preparation for the commission of an indictable offence between October 17, 2015 and April 6, 2017. James 'Mago' Gately Another charge alleges that between October 20 and December 22, 2016 he contributed to or participated in activity intending or being reckless as to whether such activity would facilitate a criminal organisation in the murder of Mr Kirwan. He faces a similar charge of facilitating a criminal organisation in a conspiracy to murder James Gately.
RTÉ News
05-06-2025
- RTÉ News
Sean McGovern's lawyers question legality of his extradition
Lawyers for Sean McGovern (39), who is charged with murder and directing a criminal organisation, have raised a concern about the legality of his extradition to Ireland from the United Arab Emirates last week. Olan Callanan BL, for McGovern, today told the three-judge, non-jury Special Criminal Court that Michael Staines solicitors office will issue a letter to the Director of Public Prosecutions (DPP) imminently, putting them on notice of an application. Mr Callanan asked the court to set a date for a hearing. He added: "The fundamental concern is the legality, the propriety and the process which surrounded his arrival in Dublin." On 29 May 29 last, when Mr McGovern arrived in Dublin and was first brought before the court, Mr Callanan said he was reserving his position on the legality of the process and the jurisdiction of the non-jury court. Sean Gillane SC, for the DPP, told the court that a first book of evidence relating to the charges against McGovern will be ready by the end of July. The DPP will update the court on a second book of evidence at a later date. Mr McGovern viewed today's proceedings via video-link from prison. He spoke only to confirm that he could hear what was being said. Ms Justice Karen O'Connor agreed to set a date for hearing McGovern's application on Wednesday, 18 June. McGovern will again appear by video-link rather than in person. The court set a date in late July for service of the book of evidence. An Irish Air Corps Casa 295 plane took McGovern from Dubai to Dublin last week, stopping off in Larnaca in Cyprus and Marseille in France to refuel. He landed at Casement Aerodrome in west Dublin, before gardai brought him before the Special Criminal Court where he was charged with five offences. Mr McGovern, with a previous address at Kildare Road, Crumlin, Dublin 12 is charged with the murder of Noel Kirwan on 22 December, 2016 at St Ronan's Drive, Clondalkin in Dublin. He is also charged with directing the activities of a criminal organisation in connection with the same murder between 20 October, 2016 and 22 December, 2016. He is charged with directing the activities of a criminal organisation in connection with the surveillance of James Gately in preparation for the commission of an indictable offence between 17 October, 2015 and 6 April, 2017. Another charge alleges that between 20 October and 22 December, 2016 he contributed to or participated in activity intending or being reckless as to whether such activity would facilitate a criminal organisation in the murder of Mr Kirwan. He faces a similar charge of facilitating a criminal organisation in a conspiracy to murder James Gately.
Irish Examiner
05-06-2025
- Irish Examiner
Sean McGovern to challenge legality of his extradition from Dubai on gangland charges
Lawyers for Sean McGovern, who is charged with murder and directing a criminal organisation, have raised a concern about the legality of his extradition to Ireland from the United Arab Emirates last week. Olan Callanan BL, for McGovern, told the three-judge, non-jury Special Criminal Court on Thursday that Michael Staines's solicitors office will issue a letter to the Director of Public Prosecutions (DPP) imminently, putting them on notice of an application. Mr Callanan asked the court to set a date for a hearing. He added: "The fundamental concern is the legality, the propriety and the process which surrounded his arrival in Dublin." On May 29 last, when McGovern arrived in Dublin and was first brought before the court, Mr Callanan said he was reserving his position on the legality of the process and the jurisdiction of the non-jury court. Sean Gillane SC, for the DPP, told the court that a first book of evidence relating to the charges against McGovern will be ready by the end of July. The DPP will update the court on a second book of evidence at a later date. McGovern viewed Thursday's proceedings via video-link from prison. He spoke only to confirm that he could hear what was being said. Ms Justice Karen O'Connor agreed to set a date for hearing McGovern's application on Wednesday, June 18. McGovern will again appear by video-link rather than in person. The court set a date in late July for service of the book of evidence. An Irish Air Corps Casa 295 plane took McGovern from Dubai to Dublin last week, stopping off in Larnaca in Cyprus and Marseille in France to refuel. He landed at Casement Aerodrome in west Dublin, before gardaí brought him before the Special Criminal Court where he was charged with five offences. McGovern, aged 39, with a previous address at Kildare Road, Crumlin, Dublin 12 is charged with the murder of Noel Kirwan on December 22, 2016, at St Ronan's Drive, Clondalkin in Dublin. He is also charged with directing the activities of a criminal organisation in connection with the same murder between October 20, 2016, and December 22, 2016. He is charged with directing the activities of a criminal organisation in connection with the surveillance of James Gately in preparation for the commission of an indictable offence between October 17, 2015, and April 6, 2017. Another charge alleges that between October 20 and December 22, 2016, he contributed to or participated in activity intending or being reckless as to whether such activity would facilitate a criminal organisation in the murder of Mr Kirwan. He faces a similar charge of facilitating a criminal organisation in a conspiracy to murder James Gately.
