Hisco’s wife got good deal on home
The revelation a house owned by ANZ New Zealand was sold to ex-chief executive David Hisco’s wife for a lower than market price is raising more questions about the nature of his employment deal and sudden departure.
A luxury St Heliers mansion was purchased by ANZ New Zealandowned subsidiary company Arawata Assets in 2011 for $7.5 million, a Terranet summary report shows. Despite a booming property market in the next six years, it was on-sold to Hisco’s wife, Deborah Veronica Walsh, in July 2017 for just $6.9m.
As of July 1, 2017, the property at 269 St Heliers Bay Rd had a rating valuation of $10.75m, according to Terranet.
Hisco, who earned more than $3m last year, left his job under a cloud relating to his expenses — including the use of chauffeur-driven cars and private wine storage.
Companies office records show his replacement, now-acting chief executive Antonia Watson, was a director of Arawata Assets at the time of the sale.
Fully owned by ANZ New Zealand, Arawata Assets is used by the bank for property transactions.
An ANZ spokesman said yesterday the bank bought the house when Hisco arrived in New Zealand.
It was part of his expat arrangements.
“The house was eventually sold by the bank to his wife based on market valuations done at the time.”
ANZ said on Monday Hisco would be departing his $3m-plus a year job immediately after an investigation which alleged he “mischaracterised” certain personal expenses as business expenses.
Those expenses, which ran into the “tens of thousands of dollars” over Hisco’s nine-year stint as chief executive, included personal use of chauffeur-driven cars and storage of wine in Australia — his country of birth.
ANZ New Zealand chairman Sir John Key said Hisco believed he had an agreement with the previous group chief executive of the Australian bank over the use of chauffeurdriven cars. Key said the issue came to light three months ago after a review of executive expenses was initiated out of the Australian head office.
Hisco stood down from the role on sick leave in May.
This week it was also revealed that connections between ex-Prime Minister and ANZ chairman Key and Hisco go further than their business link.
Last year, Key sold Hisco his beachfront holiday house north of Auckland. But Key said the deal was not part of the investigations that resulted in Hisco’s departure.
Property records show 43 Success Court, O¯ maha, was sold by Key and associates to Hisco and associates mid-summer in February last year.
Key was not a director at the time of the St Heliers house sale.