EUFA calls on Minister to Suspend Donal Curtin

EUFA are calling on Hon Simon Power, as Minister of Justice and Commerce, to suspend Commissioner Donal Curtin from all duties within the Commerce Commission. It is one year since the Minister accepted Mr Curtin’s resignation as Deputy Chair at the Commission, then stating that he “considers that Mr Curtin’s offer, in the public interest, is an appropriate resolution ....”

Investors believed that Mr Power did not take the issue of “public interest” seriously enough at that point. They are also nervous today as to why now and are asking what has prompted this latest development.

However Investors who have called EUFA today seem pleased that finally the Commission acknowledges, by way of the public announcement, that there are issues surroundings Mr Curtin's role.

Proceedings have been filed in the Auckland High Court, against Commissioner Donal Curtin. The legal actions relate to Mr Curtin’s former role as a consultant to Vestar Financial Services.

EUFAs correspondence with Government, the Commission and other bodies dates back to July 2008 where urgent action was sought over Mr Curtins position with the Commission. Twenty months on the Commission has quietly made a statement out of the blue that;

“Mr Curtin has been allocated to tasks that do not involve him in decision-making related to enforcement actions under either the Fair Trading Act or Credit Contracts and Consumer Finance Act.”


They also state;
“Other steps are being taken to ensure that conflicts of interest will not arise”

The Commissions failure to act in a timely fashion is negligent, as little has changed since Mr Curtin resigned in March 2009 as Deputy Chair of the Commission. Investors will be asking what prompted this announcement now rather than last March.

Coordinator of EUFA Suzanne Edmonds stated today;

“It is unacceptable to take this amount of time and it is viewed as a deliberate attempt to stymie procedures and run out the statute of limitations, preventing further action.”

The Commission is failing in its duty when it fails to provide adequate protection to the public.