12. DAVE HEREORA (Labour) Link to this
to the Minister of Commerce
What action has she taken to assist people who have been affected by the Blue Chip liquidations?
Hon LIANNE DALZIEL (Minister of Commerce) Link to this
I have been closely monitoring the Blue Chip situation. One of the recurring themes has been the need to access advice. Thanks to the generous support of the Institute of Chartered Accountants a freephone line has been established by the Companies Office, which enables a matching process to occur whereby Blue Chip victims are matched with a member of the institute who lives in their region. Those members have volunteered to give free advice to worried investors. People have asked why Blue Chip investors are in a different position from investors in other finance companies. Essentially, those who invested their money in other failed finance companies are in the same position, whereas Blue Chip involves over 50 companies and a complex range of arrangements, and therefore investors are experiencing quite different problems. Some own property for which the promised rent has not been received, others paid deposits for apartments that have never been built, and some invested on the basis that Blue Chip would buy back the apartment immediately prior to settlement. It is an enormously complex situation, and I congratulate the Institute of Chartered Accountants on stepping up to the plate on this matter.
Rt Hon Winston Peters Link to this
Is the Minister aware of a member of Parliament who extensively promoted Blue Chip’s business, switched from a proven financier that has paid back 97c in the dollar on its liquidation—Western Bay Finance; and of course Mr Ryall helped out with that, as well—then that same member of Parliament promoted the company—
Hon Dr Nick SmithRt Hon Winston Peters Link to this
When tens of thousands of people lose all their money, I will not get out of the member’s gutter.
Madam SPEAKERRt Hon Winston Peters Link to this
—in Tauranga where people lost all their savings, and now wipes his hands of that responsibility; is the Minister aware of that and of that member of Parliament?
Hon LIANNE DALZIEL Link to this
No, I am not aware of that particular situation. But if the situation that the member advises the House of does exist, then I would suggest that contact be made with the liquidator, Jeff Meltzer, who has been very helpful in these matters. I would also suggest, if those allegations are able to be substantiated, that the matter be referred to the Serious Fraud Office.