1. Dr DON BRASH (Leader of the Opposition) Link to this
to the Prime Minister
Does she believe the Hon David Cunliffe was correct to have made the statements he made last week regarding Telecom’s dividend policy; if so, why?
Rt Hon HELEN CLARK (Prime Minister) Link to this
I consider that the Minister was commenting generally, as many others have. I await the Securities Commission’s findings.
Does the Prime Minister accept that the Hon David Cunliffe’s comments wiped $200 million of value off the Telecom shares held by Kiwi mums and dads, and that it should have been obvious to him that his comments would have such an effect; if not, why not?
Rt Hon HELEN CLARK Link to this
I await the Securities Commission’s findings, but I do note that Telecom today is trading higher than it was before the comments were made.
Is it not correct that the Hon David Cunliffe has access to material that could—and, indeed, should—be considered inside information, and that his statement directly resulted in a very large loss for thousands of ordinary Kiwi shareholders in Telecom; if so, how can she possibly believe it is acceptable, in any way, for him to comment on Telecom’s dividend policy?
Rt Hon HELEN CLARK Link to this
I am surprised the Leader of the Opposition does not accept the word of the chair of Telecom, who said he had not given the Minister any indications of the company’s dividend plans.
Was the Prime Minister aware, prior to making her comments defending the Hon David Cunliffe, that last year he flagrantly breached an obligation of confidentiality and inappropriately passed to the Commerce Commission confidential information supplied to him by Vodafone and Telecom, which the Commerce Commission intended to release, until it was restrained from doing so by the High Court?
What steps, if any, has the Prime Minister taken to address the very serious comments made by Justice Ronald Young in relation to the Hon David Cunliffe’s actions last year, that Vodafone’s “concern is that the Minister, in giving the confidential information to the Commerce Commission, breached what they say is their right to confidentiality with regard to the information. I agree with Vodafone’s submission.”?
Does the Prime Minister agree that the Hon David Cunliffe’s record so far as Minister of Communications suggests he has an appalling and unacceptable grasp of his responsibility as a Minister in a commercially sensitive sector; if not, why not?
Rt Hon HELEN CLARK Link to this
No, and indeed I have observed to date that Mr Cunliffe’s performance in this House has been a good deal more successful than the member’s.
I seek leave to table a High Court judgment dated 12 October 2005 that castigates the Hon David Cunliffe for releasing information supplied to him confidentially by Vodafone.
Madam SPEAKER