**UK Businessman at Centre of Multi-Million Pound Laundering Case Builds New Expat Life in New Zealand**
A British businessman who once stood accused of overseeing a huge money-laundering operation in Wales and England has surfaced thousands of miles from home, forging a new chapter in the sun-drenched suburbs of Auckland, New Zealand. Gregory Candy-Wallace, 64, became the focus of intense scrutiny following a saga entwined with defrauded tax authorities, student housing, and even an attempted bomb plot. Despite his colourful past, the entrepreneur now appears to be establishing a fresh start amid the tranquil surroundings of Half Moon Bay.
Local authorities in New Zealand have confirmed they are investigating whether Candy-Wallace should be permitted to continue running businesses in their jurisdiction after being alerted to his activities there. The move comes after Candy-Wallace settled a significant legal claim in the UK last year. The National Crime Agency (NCA) accused him of controlling a group of companies responsible for defrauding HMRC of tens of millions, yet secured a settlement recouping only £5.8 million—just a fraction of the alleged £50 million that was siphoned away.
Court records from the case described these recovered funds as “the proceeds of crime.” Following his settlement with UK authorities, Candy-Wallace relocated to New Zealand, where he has taken up ownership roles in several Auckland-based enterprises. Property records reveal his residence as a detached five-bedroom property complete with a swimming pool and views over the exclusive, yacht-filled waters of Half Moon Bay—a home estimated to be worth around £900,000.
The companies under Candy-Wallace’s stewardship in Auckland include FM Group Ltd, a chemical wholesaler, ACM Environmental Services Ltd, an environment-focused consultancy, and the enigmatically named 846361 Ltd, which lists its business as waterproofing buildings. It appears his commercial activity in New Zealand extends beyond these three: he was also a director of Amoeba Investments Ltd, a company formerly linked to rental properties in Yorkshire and implicated in UK seizure attempts by the NCA.
Interestingly, despite his extensive business interests, Candy-Wallace maintains a low public profile. Traces of his online activity point to a passion for water polo, with sightings as a referee in the Sussex league in 2013, a tournament winner in Guam, and even a player for a Dubai club in recent years. According to members of the UK water polo community, Candy-Wallace’s abrupt disappearance from local circles raised eyebrows but went unexplained.
Records indicate that Candy-Wallace’s involvement with questionable financial manoeuvres dates back nearly two decades. In 2006, one of his companies, which previously produced CDs, was found to have participated in VAT fraud using invalid invoices. Another civil case in 2005 highlighted his firms’ links to the so-called “Malaga cell,” a group involved in illicit contra-trading schemes.
This case brought to light by WalesOnline stemmed from an investigation into an array of dormant companies registered to nondescript terraces in Cardiff’s Cathays district. It transpired that one address was misappropriated as the base for nearly a dozen businesses, all administratively tied to Candy-Wallace. Local landlord Nasser Nazemi recounted a deluge of official letters hitting his property in 2017, eventually requiring costly legal assistance to untangle.
The NCA outlined how Candy-Wallace’s group drew in more than £50 million in payroll and national insurance remittances from client companies, only to duck paying the owed tax to HMRC. The money wound its way through a labyrinth of UK accounts before vanishing offshore, mainly to banks in Hong Kong and Taiwan. Yet, perhaps surprisingly, no criminal prosecution was mounted against Candy-Wallace in the UK—a decision raising questions given both the scale of the fraud and the scant sums recovered.
The NCA defended its approach, saying that civil recovery is a pragmatic way to reclaim criminal gains and does not hinge on securing convictions. While one figure within the network, Jonathan Nuttall, was eventually jailed for orchestrating a bomb plot targeted at NCA lawyers involved in asset seizures, Candy-Wallace himself has faced no such outcome. Nuttall’s wife, a previous lottery winner, agreed to surrender significant assets as part of their settlement with authorities.
Questions now linger over Candy-Wallace’s ongoing commercial presence in New Zealand. The Companies Office there is actively reviewing his involvement to determine if his UK conduct merits disqualification from directing enterprises in their jurisdiction. When contacted, a construction business listed as being linked to one of his companies denied any affiliation, emphasising the layered opacity surrounding Candy-Wallace’s business dealings.
This case further illustrates persistent weaknesses in the UK’s company registration process. For years, fraudsters have exploited the loose verification standards for addresses and identities on Companies House, damaging unsuspecting property owners’ credit and enabling complex laundering chains. While long-awaited reforms to introduce mandatory ID verification for company set-ups are expected later this year, experts are quick to caution that a cultural shift in oversight will take time.
The story of Gregory Candy-Wallace serves as both a reminder of loopholes in global financial regulations and an insight into how individuals can elude prosecution to start anew, even after seismic financial scandals. As investigators in New Zealand deliberate his fate, his case remains a telling example of the challenges authorities face in pursuing justice across international borders.