Eric Watson's Cullen Group In Liquidation

Eric Watson's Cullen Group has been moved into liquidation by court order, meaning it might no longer fight a $112 million tax judgment against it. The company was moved into the hands of KPMG liquidator Vivian Fatupaito earlier this week, by court appointment, The New Zealand Herald reported. The Inland Revenue Department had been pursuing the company's liquidation after Justice Matthew Palmer ruled in March this year that Cullen Group was part of Watson's "web of entities" designed to avoid paying non-resident withholding tax. While Cullen Group is appealing and a date is set for February next year, the IRD sought the payment of about half a million dollars in costs in the meantime. Read more