11. Rt Hon WINSTON PETERS (Leader—NZ First) Link to this
to the Prime Minister
What recent reports has she received regarding the Securities Commission’s insider trading case involving David Richwhite and Sir Michael Fay?
Rt Hon HELEN CLARK (Prime Minister) Link to this
I have seen a number of reports advising that the Securities Commission has successfully reached a financial settlement in this matter.
Rt Hon Winston Peters Link to this
Has she received any other reports regarding political figures supporting the innocence of Sir Michael Fay and David Richwhite, as claimed by them; if so, who would these people be, and why would they have some understanding of merchant banking?
Rt Hon HELEN CLARK Link to this
I did indeed see a report that said that Fay Richwhite had “settled with no wrongdoing”, and that “they’ve taken the course they felt they needed to take, and that is the end of the matter.” That came from the leader of the National Party, who, not surprisingly—and consistently with The Hollow Men— appears to have a closed mind on the issue.
Rt Hon Winston Peters Link to this
Has she received reports explaining why someone with merchant bank experience would argue against what was clearly catalogued in the Weekend Herald last week, concerning $438 million being profited to Fay and Richwhite, they having purloined $271 million from the New Zealand taxpayers and shareholders; who on earth would excuse that sort of behaviour?
Rt Hon HELEN CLARK Link to this
As I indicated in my earlier answer, excuses for such behaviour may well be proffered by those in The Hollow Men.
Rt Hon Winston Peters Link to this
Is she aware of the circumstances around the purchase by Capital Markets of BNZ interests, which were then sold off to Fay Richwhite, the private company of Michael Fay and David Richwhite, which were then sold at three times the value the same day, thereby advancing them to the tune of $100 million, and who has inquired into that?
Rt Hon HELEN CLARK Link to this
I am aware that the incoming National Government in 1991 did indeed effect a very large bail-out of the Bank of New Zealand, which I understand at the time was 30 percent owned by Fay Richwhite.