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122 Vestar Investors call for Ministers resignation

Thursday 31 July 2008, 2:14PM

By Exposing Unacceptable Financial Activities

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WHANGAREI

At a meeting this morning convened by Exposing Unacceptable Financial Activities (EUFA) in Whangarei, for victims New Zealand’s largest financial adviser firm Vestar, 122 of the 126 in attendance supported a call for the resignation of the Minister of Commerce Lianne Dalziel.

 

In line with the many emails received by EUFA the large crowd of Vestar investors reacted strongly to the Minister’s support of the appointment of Donal Curtin to the position of deputy Commissioner to the Commerce Commission.

 

The Minister’s strong endorsement of Mr. Curtin’s appointment, giving particular reference to his “decision making” in relation to regulatory matters in his role with the Commission since 2001, is a slap in face to the clear and honest briefings made directly to her by EUFA.

 

EUFA Coordinator Suzanne Edmonds said after the meeting, “it was one of the most productive meetings we have held, particularly the strong feeling of betrayal imposed by the Minister’s actions. It was well noted that the Minister has made many public statements accusing investors as being greedy, naïve, and/or stupid rather than uphold her statutory duty to ensure compliance enforcement was upheld.”

 

Victims of Vestar’s bad practices cannot accept that the Government could be so negligent as to employ Mr. Curtin in a statutory body, while he held a blatant conflict of interest by his holding a pivotal role in the investment structure of Vestar.

 

EUFA spokesman Gray Eatwell said today, “ misleading public statements recorded by the Minister, the Securities Commission, and the International body IOSCO that have been made over several years have deliberately set out to ensure the public had confidence to invest in the Finance Industry. There is a raft of evidence where the Minister has made bold claims about New Zealand’s comprehensive regulatory regime in place to protect investors from corrupt practices”.

 

“Sadly, Vestar victims know all too well that there has been no effective enforcement of any such claimed regime.”

 

There are several hundred Vestar investors who have attended meetings with EUFA around the country (and others) who are currently in the process of taking legal action against Vestar; therefore the action of appointing Mr. Curtin demonstrates nothing but contempt.