High-flying Napier-based company Pioneer Insurance is changing hands amid a Serious Fraud Office investigation of a former director's alleged involvement in a multimillion-dollar fraud. The acquisition of Pioneer by New Zealand Association of Credit Unions-backed CU Group was announced in a press release today. CU Group communications manager Vicky Mackenzie stressed itwas not the insurance company that was being investigated. Hawke's Bay Today has been told the investigation surrounds businessman Blair Fitzsimons, still listed by the Companies Office as a director and shareholder of the company which operates in Tennyson Street, Napier. It is understood Mr Fitzsimons was spoken to at an airport last Friday and later detained, although neither the Serious Fraud Office nor police would comment. The investigations include other companies in which Mr Fitzsimons has an interest, including La Bella Rossa, a café and retailer of high-priced "european homewares" across the road from the insurance company, and operated by wife and co-director Melanie Fitzsimons. It was understood today that property, including a Mercedes car used by Mrs Fitzsimons, had been seized in relation to matters involved in the investigation, which also extends to Xpress Vehicle Rentals, in which the couple are directors and shareholders along with Mr Fitzsimons' parents, former assistant Hawke's Bay Magpies rugby coach Jim Fitzsimons and wife Sharon. Last week, finance and food company Speirs Group announced a dramatic annual loss, and said it had to make provision for the additional expense of $1.6 million after being told finance client Xpress Vehicle Rentals had been unable to honour funding arrangements, due to "alleged improper activities by an individual in another aspect of Xpress' business". The CU Group statement did not mention the investigation, but Ms Mackenzie confirmed the matter had been referred to police, and that "the director" was no longer with the company. CU Group was in the process of acquiring the "total" shareholding of Pioneer, the major shareholders of which, according to Companies Office records, were lawyers Tim Twist and Lawrence Willis, and property developer Allan Anderson. Retired lawyer Rob Elvidge, also a shareholder, remained managing director.
