Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Air New Zealand - Section 17 Request Declined

15 May 2002

The Securities Commission has declined a request, under section 17 of the Securities Amendment Act 1988, from Catharine Mary Franks, a shareholder in Air NZ.

Mrs Franks asked the Commission to approve that a lawyer be appointed to provide an opinion on whether there was an insider trading case to answer relating to trading in shares in Air New Zealand Limited. If the request had been approved the costs would have been borne by Air New Zealand.

The request identified as possible insiders the New Zealand Government, the Prime Minister, the Minister of Finance, the Ministry of Transport, any advisers to any of the above who received non-public price sensitive information concerning Air New Zealand at the relevant times, and any agents or officers of the Australian Government.

The request covered two main matters:

- a conversation on 25 September between the Prime Minister and a sharebroker at Forsyth Barr Frater Williams Limited, and

- “due diligence” disclosures by Air NZ to the New Zealand Government, the then major shareholders of Air NZ (BIL International Ltd and Singapore Airlines Ltd) and Qantas Airways Ltd.

“The Commission’s earlier comprehensive investigation into trading in Air New Zealand shares did not find any evidence of insider trading,” Chairman Jane Diplock said.

“After carefully considering the section 17 request the Commission concluded that there is no evidence to warrant further investigation.”

The Commission’s decision is available on its website

* * * * * *

© Scoop Media

Business Headlines | Sci-Tech Headlines


Retail: International Websites To Pay GST

New rules would be aimed at imported goods valued at or below $1,000. Customs would retain responsibility for collecting GST on imported parcels valued more than $1,000. More>>


High-Level Advice: PM’s Business Advisory Council Membership Announced

The Prime Minister’s Business Advisory Council brings together a mix of experts, six women and seven men with small to large business experience, from across New Zealand, to provide advice. More>>


Improving: Report Shows New Zealand Air Quality 'Good'

Our air 2018, produced by the Ministry for the Environment and Stats NZ, shows that while some previously known issues persist, progress has been made and levels of some pollutants are declining. More>>


Greenpeace: Govt Extends OMV Exploration Permit

The Government has just granted oil giant OMV a two-year extension to drill in the Great South Basin, despite issuing a ban on new oil and gas exploration permits in April. More>>


Collective Bargaining For Contractors: Working Group's Model For Screen Sector

A recommended model to allow collective bargaining for contractors in the screen sector has today been unveiled by the Government-convened Film Industry Working Group. More>>


Kauri Dieback: DOC Closing Tracks To Protect Trees

The Department of Conservation will close 21 tracks across kauri land to help prevent the spread of kauri dieback. An additional 10 tracks will also be partially closed and the open sections upgraded... More>>