Corporation, the Government Printing Office, and Housing Corporation assets. Richwhite personally chaired a steering committee which advised the New Zealand government on the sale of the state-owned Post Bank and was Deputy Chairman of the New Zealand Business Round Table from 1990 to 1997. In the late 1990s Fay Richwhite was sold to various partners. Throughout the 1990s Richwhite was consistently listed as one of New Zealand's wealthiest businessmen with an estimated personal wealth of NZD$660 million. He now co-owns Great Mercury Island with business partner Sir Michael Fay. The Winebox Inquiry: Commission of Inquiry into Certain Matters relating to Taxation In 1994, a Commission of Inquiry was undertaken in New Zealand to investigate claims of corruption and incompetence in two government entities: the Serious Fraud Office (SFO) and Inland Revenue Department (IRD). The inquiry centred on a transaction carried out between a subsidiary of European Pacific Investments (EPI), a company directed by Richwhite and three others, and the Cook Islands Government. In September 1986 European Pacific Investments was incorporated. One of its directors, David Lloyd, was responsible for convincing the Cook Islands Government to establish a tax haven. EPI's subsidiary company, Magnum, paid the Cook Islands Government NZD$2 million and received a tax certificate which was presented to the tax office in New Zealand. Once presented, EPI received a rebate of the same amount (NZD$2 million). The net effect of the transaction was that the EPI group effectively paid the Cook Islands Government NZD$50,000 but received a New Zealand tax credit of NZD$2 million. The transaction at the centre of the inquiry was named the "Magnum" transaction after the EPI company involved. The subsequent inquiry was spearheaded by politician Winston Peters and is commonly referred to as the "Winebox Inquiry" in reference to Winston Peters' delivery of the documents central to the allegations to Parliament in a winebox. Although the Commission concluded that there was no fraud or incompetence, controversy surrounded the ruling. Changes to the New Zealand tax laws relating to the claiming of foreign tax credits were made and new rules relating to disclosure to the Inland Revenue Department and penalties for non-compliance were introduced. Securities Commission case In June 2007, Richwhite and Midavia Rail Investments, a company he co-owned with Michael Fay, were investigated by Securities Commission of New Zealand for accusations of insider trading relating to Tranz Rail. Richwhite and Fay settled with the Commission