Gold, $1m cash seized from home

The police raid yesterday stems from a bankruptcy case in Britain. Photo / Herald on Sunday

Police yesterday raided a Hamilton house for bricks of gold and foreign banknotes worth $1 million in an international seizure operation.

The raid, about 3pm, targeted the New Zealand residence of a man undergoing civil bankruptcy proceedings in Britain.

Ingots of precious metals, including gold and silver, were taken from the Ann St house and put into a security van in the driveway.

Big loads of Canadian banknotes were also taken from the address.

Police, struck by the massive hoard of valuables, could be overheard saying, "We need to get a new job."

It is estimated the seized bullion was worth at least $1 million.

Bystanders said they had seen a locksmith arrive earlier in the day, suggesting the team had unlocked a safe inside the house to get at the assets.

Specialist search-unit members and detectives were at the scene.

The operation relates to an insolvency case currently before the High Court at Hamilton, and was carried out by police for the New Zealand Insolvency and Trustee Service.

The civil proceedings arose as a consequence of a bankruptcy case in a court in the United Kingdom.

Alan Geraint Simpson is listed on the electoral roll as the house's resident, and is understood to be involved in the British bankruptcy proceedings.

Records show Mr Simpson is linked to the Society of Lloyd's, an organisation where financial backers pool their resources to share risk.

Mr Simpson's company, Warkworth Land Ltd, was transferred to another man in 2004, and began a liquidation process the following year, leaving cash assets of $673,210.

Mr Simpson is not a shareholder or director of any other companies in New Zealand.

The two-storey, 1970s Ann St house is valued at $1.3 million and is owned by another man, an executive and board chairman of several multinational corporations.