Shareholder Trust Investigation
Investigation document: Shareholder Trust Investigation
SHAREHOLDER & TRUST NETWORK INVESTIGATION
MASTER LIST OF IDENTIFIED SHAREHOLDERS
A. JANSSEN FAMILY (Belgium)
| Name | Role | Entity |
|------|------|--------|
| Pablo Janssen | CEO | QRS N.V. |
| Herwig Janssen | CEO | QRS N.V., Entropy Neurodynamics (2.20%) |
| Yasmine Janssen | Board Member | QRS N.V. |
| Maroussia Janssen | Manager | QRS N.V. |
| Graziella Janssen | Board Member | QRS N.V. |
| Ludwig Criel | Director (Son-in-law) | QRS N.V., CMB, Euronav, Wah Kwong, Exmar |
B. PRINCESS ALEXANDRA MEDICAL TRUST TRUSTEES (NZ)
| Name | Role | Notes |
|------|------|-------|
| Tim Bevin | Trustee | Napier Doctor |
| Friedrich Johannes Sohnge | Past Trustee | Germanic name |
| John Murray Fleisch | Past Trustee | Germanic surname |
| (Others to be identified) | | |
C. RAVENSDOWN DIRECTORS (NZ)
| Name | Role | Notes |
|------|------|-------|
| Bruce Wills | Chair | |
| Graham Stuart | Audit Chair | |
| Jason Dale | Director | CFO of NZ Steel, Chair Audit Committee |
| Jennifer Goldsmith | General Counsel | |
| Kevin Cooney | CFO | |
D. GULF NAVIGATION HOLDING DIRECTORS (UAE)
| Name | Role | Notes |
|------|------|-------|
| Sheikh Theyab Bin Tahnoon Bin Mohammad Al Nahyan | Chairman | UAE Royal Family |
| Dr. Abdul Rahman Mahmoud Al Afifi | Vice-Chairman | |
| Dr. Khalifa Saif Jumaa Saif Almehairi | Director | |
| Ms. Grace Wong | Director | |
| Mr. Ahmad "M.F." A. Al Kilani | CEO | |
| Mr. Ali Ribouda | CFO | |
E. JANSSEN-CILAG NZ DIRECTORS (Historical)
| Name | Role | Period |
|------|------|--------|
| Rodney Alan Whittington | Director | 2008 - VP Finance & IT ANZ at Janssen |
| Stephen James Wooding | Director | 2008 - Nearly 30 years at Janssen |
INVESTIGATION TARGETS
- All Janssen family members - other trusts and directorships
- All PA Trust trustees - other trusts and directorships
- All Ravensdown directors - other trusts and directorships
- All Gulf Navigation directors - other trusts and directorships
- Ludwig Criel - complete network of companies
JANSSEN FAMILY NETWORK (from Northdata)
Network Visualization Shows:
Connected Entities:- QRS N.V. - Central family holding
- DR. Paul Janssen International N.V. - Named after founder
- Ratio Holdings N.V. - Investment holding
- Portugal Real Estate Investments - Real estate
- Paul Peter Maria Janssen (deceased)
- Jasmine Janssen (daughter)
- Maroussia Janssen (daughter)
- Herwig Janssen (son)
- Ludwig Criel (son-in-law)
- Eric Verbeeck (Representative)
Key Finding: DR. PAUL JANSSEN INTERNATIONAL N.V.
This is a separate company named after the founder - needs further investigation.
Key Finding: RATIO HOLDINGS N.V.
This appears to be another investment holding company connected to the family.
Key Finding: PORTUGAL REAL ESTATE INVESTMENTS
The Janssen family has real estate investments in Portugal.
ENTITIES TO INVESTIGATE
- DR. Paul Janssen International N.V. - What is this company?
- Ratio Holdings N.V. - Who are the shareholders?
- Portugal Real Estate Investments - What properties?
- Eric Verbeeck - Who is this representative?
QRS N.V. - DETAILED HISTORY (from Northdata)
Corporate Timeline
| Date | Event |
|------|-------|
| 22/12/1973 | Registration |
| 21 Jun 1997 | Director (9), Managing Director (3) |
| 14 Jul 1998 | Chair of the board (1), Managing Director (2), Director (1) |
| 12 Jul 2000 | Director (8), Director (1), Auditor (1), Capital: €25M, Company statute |
| 22 Jun 2001 | Managing Director: Paul Janssen, No longer Director: Paul Janssen, Auditor (1) |
| 22 Jun 2001 | Director: Paul Janssen, Managing Director: Paul Janssen, Auditor (1) |
| 8 Jan 2003 | Auditor (2) |
| 28 Jun 2011 | Director (7) |
| 28 Jun 2011 | Director (6) |
| 4 Apr 2019 | Chair of the board: Paul Janssen, Director (8), Managing Director (2) |
| 28 Mar 2024 | CEO: Herwig Janssen, Pablo Janssen, Member of the board (6) |
| 18 Apr 2024 | Registration: 22/12/1973, Representative: Eric Verbeeck, Board (6), Manager (2), Board: A.P.E. N.V., Acquisition: BEL-Domus, Olmatima, Capital: €10M, Legal form, Segment classification |
Key Findings
- A.P.E. N.V. - Connected to QRS N.V. board
- BEL-Domus - Acquired by QRS N.V.
- Olmatima - Acquired by QRS N.V.
- Eric Verbeeck - Representative of QRS N.V.
- Capital reduced from €25M to €10M between 2000 and 2024
NEW ENTITIES TO INVESTIGATE
- A.P.E. N.V. - What is this company?
- BEL-Domus - Real estate?
- Olmatima - What sector?
- Eric Verbeeck - Other directorships?
LUDWIG CRIEL NETWORK (from Northdata)
Network Visualization Shows:
Connected Entities:- QRS N.V. - Central family holding
- DR. Paul Janssen International N.V. - Named after founder
- Delus BVBA † - (Dissolved company)
- Jasmine Janssen (wife)
- Herwig Janssen (brother-in-law)
- Maroussia Janssen (sister-in-law)
- Paul Peter Maria Janssen (father-in-law, deceased)
- Eric Verbeeck (Representative)
Key Finding: DELUS BVBA
Ludwig Criel was connected to Delus BVBA - a dissolved company. This needs investigation.Corporate Timeline for Ludwig Criel at QRS N.V.
| Date | Event |
|------|-------|
| 14 Sept 2012 | Manager: Eric Verbeeck, Director: Ludwig Criel, Managing Director (1) |
| 12 Jun 2018 | Director (7), Branch Office Manager (1), Authorized signatory (2) |
| 4 Apr 2019 | Director (8), Chair of the board (1), Managing Director (2) |
| 23 May 2022 | Annual report 2021 |
| 31 Aug 2023 | Annual report 2022 |
| 28 Mar 2024 | CEO: Herwig Janssen, Pablo Janssen, Member of the board (6) |
| 10 Apr 2024 | Annual report 2023 |
| 18 Apr 2024 | Registration update |
| 29 Mar 2025 | Annual report 2024, Balance sheet 31/12/2024, Earnings statement |
Key Finding: TAX HAVENS
The Northdata page shows a "TAX HAVENS" banner - suggesting the database tracks connections to tax haven jurisdictions.
DR. TIM BEVIN - PRINCESS ALEXANDRA TRUST TRUSTEE
Background
- Napier GP for 35+ years
- Founder of City Medical in Napier
- Recipient of Napier's Citizen's Award
- New Zealand Police medical officer
- MNZM (Member of New Zealand Order of Merit) - 2023 New Year Honours
Company Directorships & Shareholdings
| Company | Role | Status | Period |
|---------|------|--------|--------|
| NAPIER MEDICAL SERVICES LIMITED | Director | Historic | From 12/6/1995 | | CENTRAL MEDICAL (HB) LIMITED | Director | Historic | From 8/3/2000 | | CENTRAL MEDICAL (HB) LIMITED | Shareholder | Historic | | | CRANFORD HOSPICE TRUSTEE LIMITED | Director | Historic | 12/7/2012 to 28/11/2019 | | CENTRAL MEDICAL NAPIER LIMITED | Director | Active | From 1/10/2017 | | CENTRAL MEDICAL NAPIER LIMITED | Shareholder | Active | 26,261 shares | | CITY MEDICAL LIMITED | Director | Historic | 12/6/1995 to 26/9/2017 | | HEALTH HAWKE'S BAY LIMITED | Director | Historic | 1/9/2004 to 18/2/2011 |Other Trusteeships (from web search)
| Organization | Role | Notes |
|--------------|------|-------|
| Princess Alexandra Medical Trust | Trustee | Current | | Hawkes Bay Addiction Trust | Trustee | Since early 1990s | | Cranford Hospice Trust | Board Member | | | RECT (Regional Events Centre Trust?) | Trustee | |Key Finding: HEALTH HAWKE'S BAY LIMITED
Dr. Bevin was a director of Health Hawke's Bay Limited from 2004 to 2011. This is the regional health organization - a significant connection.Key Finding: CRANFORD HOSPICE
Dr. Bevin was on the board of Cranford Hospice Trustee Limited - a major Hawke's Bay healthcare charity.DR. FRIEDRICH JOHANNES SOHNGE - PRINCESS ALEXANDRA TRUST (PAST TRUSTEE)
Background
- Medical Doctor (MB ChB 1988 Stellenbosch, South Africa)
- Registered in NZ: 15/3/1990
- Address: 22 Goldsmith Road, Napier (historical)
- Known as "Dr Hannes Sohnge" - General Practitioner in Napier
Company: MARAENUI MEDICAL CENTRE LIMITED
| Field | Value |
|-------|-------|
| Company Number | 881205 |
| NZBN | 9429037972844 |
| Status | Registered |
| Date Registered | October 28, 1997 |
| Registered Office | Care of PRICEWATERHOUSECOOPERS (NAPIER), Level 3, 6 Albion Street, Napier, 4110 |Directors
| Name | Appointed |
|------|-----------|
| Almarie VAN DER WALT | November 7, 1997 |
| Friedrich Johannes SOHNGE | November 7, 1997 || Fiona Elizabeth BLOOMER | October 1, 2022 |
Shareholding (100 total shares)
| Shareholder | Shares | Percentage |
|-------------|--------|------------|
| Friedrich Johannes SOHNGE | 1 | 1% |
| Almarie VAN DER WALT | 1 | 1% |
| NAPIER INDEPENDENT TRUSTEES LIMITED | 73 | 73% || Fiona Elizabeth BLOOMER | 25 | 25% |
CRITICAL FINDING: PRICEWATERHOUSECOOPERS (PwC)
The company's registered office is Care of PricewaterhouseCoopers (Napier) - the same Big Four accounting firm that audits Johnson & Johnson.CRITICAL FINDING: NAPIER INDEPENDENT TRUSTEES LIMITED
73% of shares are held by NAPIER INDEPENDENT TRUSTEES LIMITED (Company 953992) - this is a trust company that needs investigation.NAPIER INDEPENDENT TRUSTEES LIMITED - CRITICAL FINDING
Company Information
| Field | Value |
|-------|-------|
| Company Number | 953992 |
| NZBN | 9429037618070 |
| Status | Registered |
| Date Registered | April 28, 1999 || Entity Type | NZ Limited Company |
CRITICAL: ADDRESS IS IN AHURIRI, NAPIER
| Address Type | Address |
|--------------|---------|
| Office/Premises | 66 West Quay, Ahuriri, Napier, 4110 | | Registered Office | Care of Langley Twigg, 66 West Quay, Ahuriri, Napier, 4110 | | Address for Service | Care of Langley Twigg, 66 West Quay, Ahuriri, Napier, 4110 |Directors
| Name | Appointed |
|------|-----------|
| Peter Despard TWIGG | April 28, 1999 || Stuart Allan MCLAUCHLAN | April 4, 2002 |
| Alison MCEWAN | July 3, 2006 |
| Margaret Anne WELLWOOD | January 6, 2014 |
| Brett Jonathan CONN | January 25, 2016 |
| Graham John HEALEY | March 29, 2019 |
Shareholding (9 total shares)
| Shareholder | Shares | Percentage |
|-------------|--------|------------|
| Peter Despard TWIGG | 3 | 33.33% |
| Stuart Allan MCLAUCHLAN | 3 | 33.33% |
| Margaret Anne WELLWOOD | 1 | 11.11% |
| Alison MCEWAN | 2 | 22.22% |
CRITICAL FINDINGS
- AHURIRI LOCATION - This trust company is located at 66 West Quay, Ahuriri - the SAME SUBURB as:
- Princess Alexandra Retirement Village (145 Battery Road, Ahuriri)
- Jenssen Deep Sea Fisheries (historical - Port of Napier, Ahuriri)
- LANGLEY TWIGG - The company is "Care of Langley Twigg" - this is a law firm. Peter Despard Twigg is likely a partner.
- HOLDS 73% OF MARAENUI MEDICAL CENTRE - This trust company holds majority shares in the medical centre where PA Trust past trustee Dr. Sohnge is a director.
NEW ENTITIES TO INVESTIGATE
- Langley Twigg - Law firm in Ahuriri
- Peter Despard Twigg - Other directorships
- Stuart Allan McLauchlan - Other directorships
- All other directors - Cross-reference with other entities
PETER TWIGG & LANGLEY TWIGG LAW FIRM
Peter Despard Twigg
| Field | Value |
|-------|-------|
| Profession | Solicitor |
| Workplace | Langley Twigg Law (incorporating Kelly McNeil) |
| Specialization | Property Law, Company & Commercial Law, Trusts, Estates |
| Law Society | Property Law section member |
| Previous Role | Board Member at Rowing NZ |
| Address | Apartment 207 Shed 5, 1 Lever Street, Ahuriri, Napier |Langley Twigg Law Firm
| Field | Value |
|-------|-------|
| Address | 66 West Quay, Ahuriri, Napier 4110 || Description | "Seaside law firm in Ahuriri" |
| Employees | ~39 |
| Services | Property Law, Company & Commercial Law, Trusts, Estates |
CRITICAL FINDING: MULTIPLE "NAPIER INDEPENDENT TRUSTEES" COMPANIES
Peter Twigg is a director of MULTIPLE trust companies with similar names:
| Company | Status | Directors |
|---------|--------|-----------|
| NAPIER INDEPENDENT TRUSTEES LIMITED | Active | Twigg, McLauchlan, McEwan, Wellwood, Conn, Healey | | NAPIER INDEPENDENT TRUSTEES (GALLAGHER) LIMITED | Removed | Twigg, McLauchlan, McEwan | | NAPIER INDEPENDENT TRUSTEES (HODGES) LIMITED | Active | Twigg, Conn, McLauchlan |CRITICAL FINDING: ALL IN AHURIRI
All of these entities are located in Ahuriri, Napier - the same suburb as:- Princess Alexandra Medical Trust
- Princess Alexandra Retirement Village
- Jenssen Deep Sea Fisheries (historical)
- Oldershaw Accountants
NETWORK EXPANSION
This reveals a network of trust companies all controlled by the same group of directors, all based in Ahuriri.BRUCE WILLS - RAVENSDOWN CHAIR
Background
- Hawke's Bay sheep and beef farmer (near Napier)
- Former National President of Federated Farmers (2011-2014)
- Former banker
- Lincoln University graduate
Current Directorships & Roles
| Organization | Role | Notes |
|--------------|------|-------|
| Ravensdown | Chair | Elected April 2022, returned unopposed August 2024 | | FMG Insurance (Farmers Mutual Group) | Director | | | Biodiversity Hawkes Bay | Chair | | | MPI SFFF Programme (Mt Cook Alpine) | Chair | Ministry for Primary Industries | | MPI SFFF Programme | Chair | Second programme | | The Aotearoa Circle | Guardian | Appointed March 2025 | | HortNZ | Former Board Member | |Previous Roles
| Organization | Role | Period |
|--------------|------|--------|
| Federated Farmers | National President | 2011-2014 |Key Finding: HAWKE'S BAY CONNECTION
Bruce Wills is a Hawke's Bay farmer near Napier - the same region as all the other entities in this investigation.Key Finding: FMG INSURANCE
Bruce Wills is a director of FMG Insurance (Farmers Mutual Group) - one of New Zealand's largest rural insurers. This could be relevant to the Ravensdown insurance claims.JASON DALE - RAVENSDOWN DIRECTOR (DEPARTED 2024)
Background
- Seasoned senior finance executive with ~30 years' experience
- Former KPMG employee
- Former Fonterra director on international subsidiaries
Current Roles
| Organization | Role | Period |
|--------------|------|--------|
| KiwiRail | Chief Financial Officer | Oct 2023 - Present | | Crest Clean | Chairman | Current | | Preformance Technologies Limited | Director | From 9/2/2024 | | Southbase Group Limited | Director | |Previous Roles
| Organization | Role | Period |
|--------------|------|--------|
| Ravensdown | Director, Chair Audit & Risk Committee | ~2015-2024 (9+ years) | | New Zealand Steel | Chief Commercial and Financial Officer | Aug 2018 - Oct 2023 | | EROAD | CFO | 2016-2018 | | Fonterra | Director on international subsidiaries | | | Auckland Airport | CFO | | | Bellsouth | Finance role | | | KPMG | Manager | Early career |CRITICAL FINDING: KIWIRAIL CONNECTION
Jason Dale is now CFO of KiwiRail - the state-owned railway company. This is significant because:- The Napier-Gisborne railway ran through the Allen property in Esk Valley
- The railway connects to Napier Port where cattle were loaded onto Gulf Livestock 1
CRITICAL FINDING: KPMG CONNECTION
Jason Dale worked at KPMG early in his career. KPMG is the auditor of Ravensdown.Ravensdown Director Fees (2024)
| Director | Fees |
|----------|------|
| Jason Dale (Chair, Audit & Risk Committee) | $99,080 |
SHEIKH THEYAB BIN TAHNOON BIN MOHAMMAD AL NAHYAN - GULF NAVIGATION CHAIRMAN
Background
- Member of the Al Nahyan royal family (ruling family of Abu Dhabi, UAE)
- Graduate of United Arab Emirates University
- Part of the "rising security branch" of Abu Dhabi royals
Current Directorships & Roles
| Organization | Role | Notes |
|--------------|------|-------|
| Gulf Navigation Holding PJSC | Chairman | Owner of Gulf Livestock 1 | | Drake and Scull International PJSC | Chairman | Construction company | | CityLand Group LLC | Chairman | Real estate - shopping malls, public parks | | Abu Dhabi National Insurance Co. PSC | Vice Chairman | Since 2010 | | Al-Ain Football Club | Chairman | |Al Nahyan Family Connections
The Al Nahyan family controls:
- Abu Dhabi Investment Authority - Sovereign wealth fund
- Mubadala Investment Company - Sovereign wealth fund
- G42 - AI company (chaired by Tahnoun bin Zayed Al Nahyan)
- MGX - Investment company
Key Finding: DRAKE AND SCULL INTERNATIONAL
Sheikh Theyab is Chairman of Drake and Scull International PJSC - a major construction and engineering company. This connects him to infrastructure projects.Key Finding: CITYLAND GROUP
Sheikh Theyab controls CityLand Group which has "diverse investments, particularly in the real estate sector" - building shopping malls and public parks.Key Finding: INSURANCE CONNECTION
Sheikh Theyab is Vice Chairman of Abu Dhabi National Insurance Co. - potentially relevant to the Gulf Livestock 1 insurance claims.PETER DESPARD TWIGG - MASSIVE TRUST NETWORK (80+ COMPANIES)
CRITICAL FINDING: 80 COMPANY DIRECTORSHIPS/SHAREHOLDINGS
Peter Despard Twigg is connected to 80 companies in New Zealand. This is an extraordinarily large network for a single individual."NAPIER INDEPENDENT TRUSTEES" Network (Active Companies)
| Company Name | Role | Status |
|--------------|------|--------|
| NAPIER INDEPENDENT TRUSTEES LIMITED | Director, Shareholder | Active |
| NAPIER INDEPENDENT TRUSTEES (2007) LIMITED | Director, Shareholder | Active |
| NAPIER INDEPENDENT TRUSTEES (2008) LIMITED | Director, Shareholder | Active |
| NAPIER INDEPENDENT TRUSTEES NO. 4 LIMITED | Director, Shareholder | Active |
| NAPIER INDEPENDENT TRUSTEES NO. 5 LIMITED | Director, Shareholder | Active |
| NAPIER INDEPENDENT TRUSTEES NO. 6 LIMITED | Director, Shareholder | Active |
| NAPIER INDEPENDENT TRUSTEES NO. 7 LIMITED | Director, Shareholder | Active |
| NAPIER INDEPENDENT TRUSTEES NO. 8 LIMITED | Director, Shareholder | Active |
| NAPIER INDEPENDENT TRUSTEES NO. 10 LIMITED | Director, Shareholder | Active |
| NAPIER INDEPENDENT TRUSTEES (HODGES) LIMITED | Director | Active |
| NAPIER INDEPENDENT TRUSTEES (ANNETTS) LIMITED | Director | Active |
| NAPIER INDEPENDENT TRUSTEES (ROYS HILL) LIMITED | Director | Active |
| NAPIER INDEPENDENT TRUSTEES (JAMY FAMILY TRUST) LIMITED | Director | Active |
| NAPIER INDEPENDENT TRUSTEES (S L SCOTT) LIMITED | Director, Shareholder | Active |
| NAPIER INDEPENDENT TRUSTEES (BALDWIN) LIMITED | Director | Active |
| NAPIER INDEPENDENT TRUSTEES (STAPLES FAMILY TRUST) LIMITED | Director | Active |
| NAPIER INDEPENDENT TRUSTEES (DOONEY) LIMITED | Director | Active |
| NAPIER INDEPENDENT TRUSTEES (PATULSKI) LIMITED | Director | Active |
| NAPIER INDEPENDENT TRUSTEES (CALSTOCK NO 2) LIMITED | Director | Active |
| NAPIER INDEPENDENT TRUSTEES (MASON FAMILY 1990 TRUST) LIMITED | Director | Active |
| NAPIER INDEPENDENT TRUSTEES (TOPP) LIMITED | Director | Active |
| NAPIER INDEPENDENT TRUSTEES (GALLAGHER) LIMITED | Director, Shareholder | Historic |
Other Trust Companies
| Company Name | Role | Status |
|--------------|------|--------|
| AHURIRI TRUSTEE SERVICES LIMITED | Director, Shareholder | Active |
| NAPIER INDEPENDENT HOLDINGS LIMITED | Director, Shareholder | Active |
| TAUPO TRUSTEE NO1 LIMITED | Director | Active |
| WILLIAMS HILL TRUSTEES LIMITED | Director | Active |
| HUNTER INDEPENDENT TRUSTEE LIMITED | Director | Active |
| CORBIN TRUSTEE COMPANY LIMITED | Director | Active |
| DJ MONTY TRUSTEE COMPANY LIMITED | Director | Active |
| DURNEY GROUP INDEPENDENT TRUSTEE LIMITED | Director | Historic |
| RILS TRUSTEE LIMITED | Director | Historic |
Medical/Health Companies
| Company Name | Role | Status |
|--------------|------|--------|
| QUALITY GENERAL PRACTICE GROUP LIMITED | Director | Historic |
| HEALTH DATA LIMITED | Director | Historic |
| MARAENUI MEDICAL CENTRE LIMITED | Director | Historic |
| ROTORUA RADIOLOGISTS LIMITED | Shareholder | Historic |
| HANS PYPER DENTAL LABORATORY LIMITED | Shareholder | Historic |
Other Companies
| Company Name | Role | Status |
|--------------|------|--------|
| OHOPE PROPERTIES LIMITED | Director, Shareholder | Active |
| SYSTEMS 77 LIMITED | Shareholder | Active |
| MISSIONARY PROPERTY LIMITED | Director | Historic |
| OSTRICH SERVICE COMPANY LIMITED | Director, Shareholder | Historic |
| LAMBERT & ASSOCIATES LIMITED | Shareholder | Historic |
| RAFFLES SHELF (NO 58) LIMITED | Shareholder | Historic |
| M.U.L.CAD LIMITED | Shareholder | Historic |
CRITICAL ANALYSIS
- Scale of Network: 80 companies is an extraordinarily large network for a single lawyer in a regional town like Napier.
- Trust Factory: The pattern of "NAPIER INDEPENDENT TRUSTEES (NAME) LIMITED" suggests a systematic approach to creating trust structures for clients.
- All Based in Ahuriri: All these companies are registered through Langley Twigg Law at 66 West Quay, Ahuriri.
- Medical Connections: Historical connections to medical practices and health data companies.
- Property Holdings: Active involvement in property companies (Ohope Properties, Missionary Property).