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Watchdogs Or Lapdogs ?

“The failure of the Securities Commission to act in support of the creditors of the failed Hartner Construction Company, is a further indication of a state watchdog agency failing to carry out their responsibilities to protect innocent individuals from being fleeced by unscrupulous business activities”, said New Zealand First Leader Rt Hon Winston Peters today.

“In a parallel situation, the Ministry of Commerce failed to act to protect the interest of a number of retired Tauranga investors in the Industrial Banking Corporation scandal resulting in investors becoming totally exposed, and having their life savings taken from them.

The Industrial Banking Corporation scandal saw a number of retired Tauranga investors loose their money despite my numerous approaches to governmental agencies to take action and in Hartner’s case, scores of Tauranga contractors were left high and dry in circumstances which in other countries, official action would have been immediate.

Yet a further recent example of a taxpayer funded watchdog organization failing in its duty, was the inexcusable inaction by the Serious Fraud Office in failing to bring charges following my exposure of the Magnum transactions”, said Mr Peters.

“These failures to act on behalf of those for whom they are duty bound to serve, highlights their inefficient, timid and irresponsible approach, and raises the question in my mind, and in the minds of many taxpayers, investors and now private contractors, as to their worth.

If these agencies can’t or won’t act as they should, then we should get rid of them and put in place, agencies with teeth and the courage to use their wide powers”, Mr Peters said.

“It appears that in New Zealand, far too many in the establishment are confused about the difference between a free and fair market, and a jungle”, concluded Mr Peters.


Ends

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