One of New Zealand's richest men wants to give away around $7 million to children's charities and small investors.
Craig Heatley, an entrepreneur who is estimated to be worth $100 million, wants to put his unsuccessful investment company, eVentures, into liquidation - a move that would earn him a $7.2 million
profit.
But instead of keeping the cash, Mr Heatley wants to set up a trust to support children's charities within New Zealand and internationally.
He also wants to direct $500,000 back into the pockets of the small shareholders in eVentures - who would otherwise suffer large losses in the liquidation - by buying their shares at the original price.
Mr Heatley is on a world trip with his family. He spoke to the Weekend Herald yesterday from Canada and said he wanted to "do the right thing".
He had copped some flak from investors over the way he handled a 160 million-share deal last year. It earned him, but not other shareholders, a profit.
Mr Heatley said that if the liquidation plan were approved and he could put his $7 million give-away into action, none of the original investors would have made or lost money "and we should end up doing some good".
It had been one of his long-time objectives to set up a trust to help children "and it seemed like a good idea for this to be the catalyst".
He hopes to set up the trust when he returns to New Zealand in about a year.
Mr Heatley resigned from his seat on the INL board, his chairmanship of eVentures and positions on several private companies last year when he decided to take his family across Canada, the United States and Europe.
He said it was the family's last chance to travel before his oldest son started high school. He had employed a travelling tutor for his three children.
