Latest news with #DeBono
Otago Daily Times
11 hours ago
- Business
- Otago Daily Times
Dunedin Airport lashes out at government
Dunedin Airport has accused the government of double-dipping and questionable law-making in a submission calling on it to abandon a move which raises the cost of bringing back international flights. Under the new legislation, airports that intend to start or restart international services will be required to pay for the establishment costs for border services. The new regulations are expected to come into force shortly, but Dunedin Airport's chief executive Daniel De Bono argued it was tantamount to double-dipping from the government, as the costs of processing international travellers would be funded from the existing border processing levies. In the letter to Parliament's regulation review committee, Mr De Bono said: "We cannot comprehend why a government that is focused on economic growth would make new regulations that are targeted at regional airports and severely inhibit their ability to develop international connectivity." Dunedin Airport had international flights from 1995 until Covid-19 hit the industry in 2020. It resumes international flights this month, with a JetStar connection to the Gold Coast. "As with all international routes at smaller airports, the economics are finely balanced," Mr De Bono's letter said. "When negotiating and agreeing terms, Dunedin Airport and JetStar did not anticipate that the government would take steps to impose significant additional costs on the venue. "The wider effect of cost recovery ... is to create a real constraint on regional tourism and economic growth." Mr De Bono said he did not believe the original intention of the Act was to "unexpectedly be used to impose more levies". This would lead to "serious unfairness and unreasonableness" for airports attempting to re-establish international travel and would have immediate effect on Dunedin Airport, he said. Mr De Bono also provided a legal letter from law firm Russell McVeagh. The legal letter also cast doubts on the government's approach. "Our view is that the proposal to now recover costs under the Airports Act is legally unnecessary," it said. "In pursuing options for recovery under the Airports Act, Cabinet and officials appear to be relying on a mistaken view of the law, leaving their decisions open to legal challenge. "It cannot be correct that there is a presumption in favour of using the Airports Act for new international airports simply because it exists." In response, Biosecurity Minister Andrew Hoggard told the Otago Daily Times customs screening at airports had been cost-recovered for decades. "Cost recovery is for the actual and reasonable cost of providing biosecurity and customs services. "In relation to Dunedin International Airport, the Ministry for Primary Industries [MPI] has worked hard to ensure the establishment costs are fair and reasonable, including reusing existing equipment where possible. "Under the Airports Act, if an airport chooses to start or re-start international air services, the costs incurred by the MPI and New Zealand Customs to establish a traveller processing capacity (establishment costs) and the processing of travellers (operating costs) can be recovered from the airport." Mr Hoggard said cost recovery for establishing or re-establishing international flights was "reasonable" as "the benefits from these flights are received by the airport and those who use the airport".
Otago Daily Times
16 hours ago
- Business
- Otago Daily Times
Airport challenges govt regulations
Dunedin Airport has accused the government of double-dipping and questionable law-making in a submission calling on it to abandon a move which raises the cost of bringing back international flights. Under the new legislation, airports that intend to start or restart international services will be required to pay for the establishment costs for border services. The new regulations are expected to come into force shortly, but Dunedin Airport's chief executive Daniel De Bono argued it was tantamount to double-dipping from the government, as the costs of processing international travellers would be funded from the existing border processing levies. In the letter to Parliament's regulation review committee, Mr De Bono said: "We cannot comprehend why a government that is focused on economic growth would make new regulations that are targeted at regional airports and severely inhibit their ability to develop international connectivity." Dunedin Airport had international flights from 1995 until Covid-19 hit the industry in 2020. It resumes international flights this month, with a JetStar connection to the Gold Coast. "As with all international routes at smaller airports, the economics are finely balanced," Mr De Bono's letter said. "When negotiating and agreeing terms, Dunedin Airport and JetStar did not anticipate that the government would take steps to impose significant additional costs on the venue. "The wider effect of cost recovery ... is to create a real constraint on regional tourism and economic growth." Mr De Bono said he did not believe the original intention of the Act was to "unexpectedly be used to impose more levies". This would lead to "serious unfairness and unreasonableness" for airports attempting to re-establish international travel and would have immediate effect on Dunedin Airport, he said. Mr De Bono also provided a legal letter from law firm Russell McVeagh. The legal letter also cast doubts on the government's approach. "Our view is that the proposal to now recover costs under the Airports Act is legally unnecessary," it said. "In pursuing options for recovery under the Airports Act, Cabinet and officials appear to be relying on a mistaken view of the law, leaving their decisions open to legal challenge. "It cannot be correct that there is a presumption in favour of using the Airports Act for new international airports simply because it exists." In response, Biosecurity Minister Andrew Hoggard told the Otago Daily Times customs screening at airports had been cost-recovered for decades. "Cost recovery is for the actual and reasonable cost of providing biosecurity and customs services. "In relation to Dunedin International Airport, the Ministry for Primary Industries [MPI] has worked hard to ensure the establishment costs are fair and reasonable, including reusing existing equipment where possible. "Under the Airports Act, if an airport chooses to start or re-start international air services, the costs incurred by the MPI and New Zealand Customs to establish a traveller processing capacity (establishment costs) and the processing of travellers (operating costs) can be recovered from the airport." Mr Hoggard said cost recovery for establishing or re-establishing international flights was "reasonable" as "the benefits from these flights are received by the airport and those who use the airport".
Associated Press
14-02-2025
- Business
- Associated Press
ASC issues public interest order against Charles DeBono in response to criminal conviction
CALGARY, AB, Feb. 14, 2025 /CNW/ - The Alberta Securities Commission (ASC) has permanently banned Ontario resident Charles DeBono from participating in Alberta's capital market after a criminal court found that he was operating a Ponzi scheme. In June 2022, DeBono was sentenced by the Ontario Superior Court of Justice to seven years in jail and ordered to pay restitution of more than $26 million after pleading guilty to one count of fraud over $5,000 and one count of laundering the proceeds of crime under the Criminal Code. Between January 2013 and August 2017, DeBono sought investments in Debit Direct, a company he owned that purportedly provided point of sale debit machines to merchants. Investors were told that they were purchasing debit terminals for small businesses across Canada and that they would receive a portion from each transaction. DeBono raised up to $48 million from more than 500 investors, including over 100 Albertans. The Court found that Debit Direct was not a legitimate business and that DeBono was operating a Ponzi scheme; any returns investors received were paid from other investors' funds. When considering the matter under the Securities Act (Alberta), an ASC panel found that it was in the public interest to issue an order. In its reasons, the panel stated that 'DeBono's misconduct – fraud – was extremely serious, involving hundreds of investors, a large amount of money, deceit, misrepresentation, and misappropriation of millions of dollars for his personal benefit.' The panel noted a 'significant need for strong sanctions to deter DeBono and others from similar misconduct in the future, and to protect Alberta investors and the Alberta capital market from further harm.' On February 12, 2025, the panel ordered that DeBono: must permanently cease trading in or purchasing any securities or derivatives, and that all exemptions contained in Alberta securities laws do not apply to him; must immediately resign all positions he holds, and is permanently prohibited from becoming or acting, as a director or officer of any issuer, registrant, investment fund manager, recognized exchange, recognized self-regulatory organization, recognized clearing agency, recognized trade repository, designated rating organization or designated benchmark administrator; and is permanently prohibited from engaging in investor relations activities, advising in securities or derivatives, becoming or acting as a registrant, investment fund manager or promoter, and acting in a management or consultative capacity in connection with activities in the securities market. The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
