U2 Seeks Missing Millions

Despite a lengthy grilling in the Auckland High Court, creditors of New Zealand businessman Terry Wilson are no closer to finding out what happened to close to $1 million worth of profits from a U2 show in the country.

Melbourne, Australia-based promoter Michael Coppel Presents took action in the High Court in Auckland to recover close to $1 million.

Corporate Host Event Management organized corporate VIP packages for 4,200 guests in a special area of Auckland’s Mt. Smart Stadium for the Irish band’s two shows in November 2006.

They are estimated to have made "millions of dollars." But none of the suppliers were paid. Nor was U2. Coppel stepped in to pay the band. Corporate Host Event Management has since gone into liquidation.

The key figures behind the companies are Wilson, a former Ernst & Young tax accountant; former Ernst & Young partner Andrew Tauber; and South Auckland pub owner Peter Morgan, who are denying responsibility.

Coppel told NZ media last year that bank statements showed that a large amount of money had been moved between a number of companies "and it’s unclear where it has come from and where it’s gone."

Grilled in court, Wilson said "I didn’t do anything with the cash," and denied he had pocketed any of the profits. He added he had been denied access to bank statements from the company and its subsidiaries since December.