16 Nov 2004

Claims controversial NZ businessman involved in building Fiji hotel

11:17 am on 16 November 2004

A controversial New Zealand businessman involved in junk bond issues and failed companies is reported to be planning to build a five-star resort in Fiji.

Andrew Krukziener was involved in a US$14 million junk bond issue to finance Auckland's Metropolis Building but when it failed 1,700 small investors lost most of their money.

Mr Krukziener is also reported to be a director of 75 companies, 10 of which are in receivership or liquidation.

The Fiji Sun quotes Fiji's commerce minister, Tomasi Vuetilovoni, as saying Mr Krukziener is the owner of the freehold property on which he wants to build his resort and the state has no authority to interfere.

The minister says investment is all about taking risks and sometimes people get their fingers burnt.