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New Zealand investment banker

David MacKellar Richwhite (born 1948) is a New Zealand investment banker and was a partner in Fay, Richwhite & Company with Sir Michael Fay. Educated at King's College, Auckland and the University of Otago, where he graduated in 1974 with a Bachelor of Commerce degree, Richwhite's personal wealth was largely acquired during the late 1980s and early 1990s. During this period he had a significant and controversial role in the structural adjustment of the New Zealand economy undertaken by the Fourth Labour Government. Fay, Richwhite & Company was the prime focus of the "Winebox Inquiry" which dealt with, among other things, tax avoidance arrangements in the Cook Islands. The publicity surrounding the inquiry generated considerable public ill feeling towards Fay and Richwhite. Based in Geneva from 1998 to 2003, Richwhite now lives with his family in London.

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.

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 out of court for NZD$20million without admission of liability. Their joint statement read: "While they consider the settlement amount does not properly reflect the lack of merit in the Commission’s proceedings, the settlement payment is only a little over half the amount claimed by the Commission, including interests and costs. It is less than 1/5 of the Commission’s maximum claim at the time it commenced proceedings. It is also at a proportionately lower level than the settlements the Commission reached with all the other defendants. Importantly, it is also reached without any admission of liability. The fact that the Commission was prepared to settle for substantially less than the full claim and without any admission of liability no doubt reflects the Commission’s recognition that it faced a risk of losing if the claim went to trial".

Sir Michael Fay and David Richwhite backed and led the first three New Zealand challenges for the coveted America's Cup sailing trophy in 1987, 1988, 1992. They personally invested over $100 million toward the cause. Following the 1988 "Big Boat" challenge they briefly won the cup, later losing it in the courts to the San Diego Yacht Club. New Zealand went on to win the trophy in 1995, a campaign in which Fay and Richwite were not involved. In 1988 the pair led a team to San Francisco for the World One Ton Cup which they won in Bruce Farr designed "Propaganda" (KZ 6161). Fay and Richwhite also funded the Manu Samoa Rugby Team for several years following the team running into financial difficulty. The ownership and control of the team has now been handed back to the Samoa Rugby Union.

In 1978, Fay and Richwhite purchased Great Mercury Island, which lies eight kilometres off the east coast of the Coromandel Peninsula. The island's northern half is primarily farmland which supports both sheep and beef farming operations. Its southern half has been re vegetated with pine and native trees. Richwhite's wife Libby has overseen the planting of over 600,000 native trees on the island as well as a conservation programme to preserve many of the island's rich historic and archaeologically significant Māori Pa and heritage sites. Groups helping children at risk are often invited to make use of the island's facilities for their camps. Given the island's isolation, land has also made available for a team of scientists breeding a strain of bee immune to the destructive Varroa mite infestation currently affecting the worldwide bee industry. On 30 November 2009, Great Mercury Island hosted the first successful launch of Rocket Lab's suborbital Atea 1 sounding rocket.

David Richwhite has four children and is an active fisherman, hunter and musician.