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Prime Minister—Conflicts of Interest and Blind Trusts

Tuesday 1 June 2010 Hansard source (external site)

Hodgson11. Hon PETE HODGSON (Labour—Dunedin North) Link to this
to the Prime Minister

Does he stand by his statement to the New Zealand Herald last year that he has put certain assets into a blind trust that is “so blind I haven’t got a clue what’s in it”?

HodgsonHon Pete Hodgson Link to this

How can that be, given that the public now knows that he knows he can access the details through Whitechapel Ltd whenever he wants to by going to the Companies Office website?

KeyHon JOHN KEY Link to this

The member is incorrect. I refer him to the legal opinion that I tabled last week—

KingHon Annette King Link to this

We know who wrote that.

KeyHon JOHN KEY Link to this

If the member wants to call those lawyers and Bruce Gray QC, who peer-reviewed their opinion, liars, she is welcome to, but I suggest that she does it outside the House—and I wish her good luck with that one. I tell her to be brave and go out. I refer to point six of the legal opinion, which says “Whitechapel Limited is the trustee of Aldgate Trust and may or may not act as trustee of other trusts.” It is impossible to look at Whitechapel and know whom those assets are held for.

HodgsonHon Pete Hodgson Link to this

If I can find what is in his trust on any day of the week by going to Whitechapel Ltd, where I find only assets that were in his name at one time and never any other assets in the economy, why does he persist with the fiction that he cannot do so?

KeyHon JOHN KEY Link to this

Because I am accurate. Whitechapel is a trustee. It is a trustee for the Aldgate Trust, but it may also be a trustee for other trusts, and it may well have sold those assets. I have no knowledge of that.

HodgsonHon Pete Hodgson Link to this

Can the Prime Minister confirm that the assets held by Whitechapel Ltd concern wine assets, dairy assets, and real estate assets, all of which used to be in the Prime Minister’s name, and that Whitechapel Ltd contains no other assets whatsoever?

KeyHon JOHN KEY Link to this

No. Whitechapel is a trustee company. It is a trustee company for the Aldgate Trust, as supplied in the legal opinion. As that opinion said in point six, Whitechapel may or may not act as a trustee for other trusts. It is physically impossible for anyone to know whom it holds those assets for.

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