In summer 2006, a BVI film production company Wise Giant received funds from NZ Venture Investment Agency.
The New Zealand Government’ Venture Investment Fund (NZVIF) contributed a 1/3 of USD 1 million venture capital investment in a British Virgin Islands-registered production company Wise Giant owned by an unnamed Auckland firm. NZVIF backs Investment and fund management company iGlobe Treasury Management and puts in USD 1 for every USD 2 of private capital raised by it.
IGlobe having a majority stake in Wise Giant refused to name the Auckland animation firm behind it not to risk the commercial prospects of the animation firm.
The Representatives of the National party require the name of the Auckland firm should be disclosed to have an accountable and transparent process when dealing with public money.
They also do not consider the reasons of unreleasing the company name to be convincing enough as well as have questions regarding the British Virgin Islands’ domicile instead of New Zealand’s, for which the only reason of having an offshore company in a tax haven they can see is avoiding paying tax.
IGlobe claims the company was registered in the BVI because media companies prefer signing contracts in neutral countries.