NZ: Corruption at the highest level

New Zealand: Petition stalks Banks, Brash

Aotearoa: a wider perspective.

11 March, 2012

If you or I were partners owned a company and we had two equal partners and we were convicted of misleading  possible new clients with fraudulent financial figures in our prospectus, I’m sure those partners if they co-signed the prospectus would have to defend themselves like I had to against the accusations.

Not so it seems if your names are John Banks and Don Brash!

If that is not a measure of corruption I don’t know what is and it seems I’m not alone in this and none other then the indefatigable Penny Bright has managed to get her petition tabled calling for an investigation!

Labour MP Phil Twyford has tabled a petition calling for an investigation into the decision not to proceed with charges against John Banks and Don Brash as directors of the Huljich KiwiSaver scheme.

Twyford won’t comment on the petition, which is the work of former Auckland mayoral candidate Penny Bright who is incensed that Banks, the minister for regulatory reform, escaped having to defend himself in court for signing a prospectus that contained false and misleading statements.

The petition now must be considered by the Commerce Select Committee, made up of nine MPs of which five are from the National Party. The petition has drawn a firm response from the Financial Markets Authority that such an inquiry is unnecessary. Its predecessor, the Securities Commission, was responsible for the decision not to prosecute.

For more on this GO HERE