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


Government firing line in Invercargill

Media release:

EUFA (Exposing Unacceptable Financial Activities Inc Soc)

Invercargill EUFA RECOVERY ROAD SHOW was held in Southland yesterday with around 80 investors attending.

The Investors who attended were tied up in most of the finance company collapses including Bridgecorp, Five star, and Blue-Chip.

In follow up meetings following the main meeting, with smaller groups including a Blue Chip meeting, it was evident that the suffering and pain is as deep seated in Southland as it is in the far North. The people supported EUFA Spokesman Gray Eatwell in his constant stance that the Government must govern.

Mrs. Suzanne Edmonds, Coordinator of EUFA said, "At every meeting people ask what the government are doing - that's their main question followed by a plea for help 'What can we do?'. This plea for help is heart wrenching - we are seeing examples of this in the media almost everyday at the moment and this cant be ignored any longer by politicians"

Mr. Gray Eatwell Southland farmer and Finance spokesman for EUFA was the main speaker. He told the meeting that the Government has obligations to protect hard working "savers" of New Zealand. He said " You people here today are not investors, you are New Zealand's hard working kiwi savers" .. Investors play the share market and such like.. I bet you wanted your money safe didn't you?"

The audience overwhelming nodded as they paid firm attention to Mr. Eatwells speech.

Mr. Eatwell delivered some undisputable facts. He quoted directly from a letter written to him by the Minister of Commerce, Ms Lianne Dalziel when she was Commerce Minister first time around before her fall from grace.

11 Aug 2003 "Strengthening corporate governance and improving the ethical behavior of New Zealand businesses is a key objective of this government, ...........As far as remedies are concerned, whilst the government does have the power to employ remedies under legislation such as the Corporations (Investigation and Management) Act 1989 and the Reserve Bank of New Zealand Act 1989, these are only used in extraordinary cases where other lawful remedies are either unavailable or will be in-effective."

Mr. Eatwell added, " If the Government had delivered on this commitment you wouldn't be here today because you wouldn't have lost your savings to this reckless or fraudulent industry ... these are "extraordinary cases" .

The attentive audience broke into murmur showing an over whelming agreement with Mr Eatwell.

Mr. Eatwell promised the audience to continue to deliver what was becoming an overwhelming message from individuals who had written to him and spoken to him and other EUFA executives in recent weeks.

Mrs. Edmonds invited the audience to write to EUFA with their stories; she ensured them that confidentially would prevail. She said "we need your stories as we are your voice, we deliver your message and on your behalf we bring People Power to the fore, instead of you all feeling so alone and helpless."

The Minister of Commerce, Ms Lianne Dalziel has committed to address Investors at the final EUFA RECOVERY ROAD SHOW meeting being held in Wanganui on 23 April 2008


© Scoop Media

Business Headlines | Sci-Tech Headlines


Crown Accounts: Slightly Softer Growth Expected In PREFU

A slightly softer growth forecast is the main feature of largely unchanged Pre-election Fiscal Update compared to the Budget forecasts three months ago, Finance Minister Steven Joyce says. More>>


Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>


Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>


By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>