Stanhill Chairman Leaves Suddenly

Press, Volume CIII, Issue 30563, 5 October 1964, Page 1

Stanhill Chairman Leaves Suddenly

(New Zealand Press Association) AUCKLAND, October 4. Mr Stanley Korman, chairman of Stanhill Development Finance, Ltd., made a surprise departure from Auckland on the last flight to Nandi on Saturday evening.

Mr Korman had arrived in Auckland from Sydney on the previous evening, shortly after police seized documents from the Melbourne office of th? Stanhill group of com-

panies. Mr Korman said he was going to London to present an appeal to the judicial committee of the Privy Council.

“I am going to London now to be present at the sitting of the council, due to take place from the eighth to the twelfth of this month,” he said. “1 will be present with my barrister when he puts our case. I will definitely be back in Melbourne by October 18.” Companies In N.Z. He was asked what the effect would be on Holeproof Industries, Ltd., and other New Zealand subsidiaries of Factors, Ltd., the key company of the Stanhill group, would be if the group had to be wound up. “There is not a chance that Holeproof will be adversely affected by this in any way,” he said emphatically. “On the contrary, Hole-

proof is expanding by £300,000 every year and should continue to do so.” He preferred to make no comment about the seizing of the group’s books by the Melbourne police. He gave a cheerful wave to his brother, Mr H. Korman, and other friends as he climbed the steps up into the aircraft.