Sovereign Global Bank of Aotearoa ridicules RBNZ warning, claims it's a central bank with a unique monetary policy of its own supported by 'noble precious metals'

By Gareth Vaughan

Does New Zealand have two central banks?

Certainly not according to the Reserve Bank. But an entity calling itself the Sovereign Global Bank of Aotearoa (SGBA) is touting itself as "the fledging Maori Central Bank of the Sovereign State of Te Atua E Wa Aotearoa New Zealand." Its detailed website talks of eagles preying on humans, a 10 foot chief, and space expeditions.

The Reserve Bank is not amused, issuing a caution notice in which it points out SGBA isn't licensed or prudentially supervised by it or any other New Zealand authority.

"It is not authorised to provide banking services, nor is it formed as 'the Maori central bank' in New Zealand as claimed on its website - no such type of entity is recognised either under New Zealand law, or as having any official function. Use of the name ‘Sovereign Global Bank of Aotearoa’ is not permitted by the Reserve Bank of New Zealand and is in breach of the Reserve Bank of New Zealand Act 1989," the Reserve Bank warns.

However, Interest.co.nz tracked down an Auckland address and phone number for SGBA. Here, a woman who gave her name as "Terri", said she was SGBA's secretary. Asked about the Reserve Bank's warning she said: "That has nothing to do with a sovereign state. They're a corporate entity.  We have nothing to do with those people."

An eagle that hunted people

In an introduction on its website, SGBA says it was founded by Ariki Eru Manukau. It says Te Atua E Wa Tribe (the tribe of four gods) is premised on ancient origins and beliefs.

"The current insignia (pictured) incorporates past key figures of stature portraying such beliefs in a modern sense. The Crown as a symbol of leadership inscribed with the Tribes name Te Atua E Wa being the First Sovereign Nation to discover New Zealand around 600-1200AD. The giant prehistoric eagle (Ehara Pouakai also known as Haast Eagle) symbolizes the hunter/protector."

"The eagle originates from prehistoric times, weighed in at 13 kilos with a 3 metre wing span and hunted humans and large mammals as prey. The National Flag symbolizes the recognition of a Sovereign Nation by United Kingdom, America and New South Wales Government of Australia and the Dutch East Indian Station by the Declaration of Independence in 1835 to which a Sovereign Council of Chiefs now preside," the introduction says.

The "bank" also cites, as a representative office, level 13, 175 Queen Street, Auckland. Here, a law firm named Kirkland Morrison is based where Edwin Morrison told interest.co.nz his firm knew nothing of, or about, SGBA and was bemused that it was using the law firm's address.

Meanwhile, SGBA also says on its website that the sovereign chiefly line of Te Atua E Wa is well recorded, with "some of the most notable sovereign chiefs in the past 17/18th century was (sic) Kawharu the Giant, said to stand at least 10 feet tall and Sovereign Chief Rewa Rewa Manukau whom had 10 wives that form the tribal beneficiaries todate."

The "bank" claims its subsidiaries and affiliates include SGBA Holdings HK Ltd, Fundem Bank, and Warrior Investment Bank, along with "several" other corporations. It says the three affiliates named manage project investments and interbank clearing payment systems.

"For selected projects, the subsidiaries will act as the Master Contractors for the Bank. It will enter into Joint Ventures with governments or corporations and subcontract such projects to specialist companies worldwide."

SGBA says its monetary policy is unique, being underpinned by a strategic "fiscal model (financial, economic & monetary systems), targeting the macroeconomic performance of the Nation and supported by noble precious metals. This unique system, forms the Nation's engine room which is directly driven by the main operations of the Bank and Treasury, otherwise supported through its subsidiaries or together with its Strategic Alliance Partners worldwide," SGBA adds.

Its website lists two organisations - "Gulf Arab Nations", and "World Sports Alliance" - as international strategic alliance partners.

Space expeditions & colonisation

In a separate document the SGBA calls its 2012 Global Economic Brief, the "bank" says sovereign chief Ariki Eru Manukau's vision "presents a global financial and economic platform (superstructure) on earth as the foot stool to space expeditions and colonization spanning many generations."

This document also says SGBA's origins are in rebuilding a banking system to underpin the Sovereign Confederation of United Tribes of Aotearoa, with this having been in the making since 1983.  It adds that a Maori Bank was first established by a chief known as Tira Waikato Wharaherehere Manukau of Te Atua E Wa Tribe in 1836.

"As the global economic disaster unfolded in 2008, it was the catalyst to rebuild a Maori Central Banking system. A platform was needed to fortify the Sovereign Maori Nation's economic needs, a platform that could also underpin and provide similar needs for other sovereign nations globally. Change only emerges after such disasters occur. The Sovereign State, Te Atua E Wa Tribe rose to the challenge and engaged its Sovereign Authority to create a Charter known as Sovereign Global Bank of Aotearoa - Tribal Central Bank by Decree 001/2008, as that vehicle."

The Reserve Bank's warning is the latest of numerous caution notices it has issued in recent years. Most warnings are about so-called offshore finance companies, which abuse New Zealand's simple company registration system - now run by the new Ministry of Business, Innovation and Employment - and exploit a regulatory vacuum by registering a company in New Zealand enabling them to operate as unregulated financial services providers overseas, generally via the internet.

Then-Commerce Minister Simon Power said last year the Reserve Bank believed about 1,000 shell companies incorporated in NZ over three years had been used to carry out banking activities free of regulatory oversight and "many" seemed to be undertaking fraudulent activities. Furthermore, Power said 143 NZ registered companies were implicated, over a four year period, in criminal activities overseas such as smuggling, money laundering and tax fraud with NZ Police and the Customs Service receiving 134 enquiries about them.

Asked for further comment about SGBA, a Reserve Bank spokeswoman told interest.co.nz the central bank is concerned with the use of the word "bank" in a name or title without authorisation regardless of where the organisation is located.

See a letter here setting out the "sovereign state mandate" for Te Atua E Wa Aotearoa, including to establish SGBA branches worldwide. And here's the GSBA global economic brief.

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