Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


PM's loose lips suspend Air NZ shares

Belinda Vernon National Transport Spokesperson

26 September 2001

PM's loose lips suspend Air NZ shares

Prime Minister Helen Clark's loose lips on Air New Zealand's future have forced the sharemarket to suspend trading on Air New Zealand shares today, National's Transport spokesperson Belinda Vernon MP said today.

"The Prime Minister's 'don't sell notice' yesterday was totally irresponsible and confirms how inept she and her Government are in dealing with business and the commercial world. Her comments that investors should hold onto their Air NZ shares push the boundaries of securities law and expose her naivety in business.

"After talking down the shares on Monday saying statutory management was a viable option, she then talked them up by urging investors to 'hang on' to shares. This is erratic and irresponsible behaviour.

"Given her obvious 'inside' knowledge about the Government's intentions with Air New Zealand her loose words test the principles of securities legislation which outlaws manipulation of markets in this way.

"Earlier this year Jim Anderton was exposed for his careless words about the viability of the People's Bank, opening the Government to potential litigation as he effectively guaranteed investment in the People's Bank. He was rapped over the knuckles.

"Now Helen Clark has repeated the faux pas urging investors to hang on to their shares. It is an abuse of her position to advise shareholders when she has inside information.

"In the last month the loose lips of Michael Cullen and Trevor Mallard have demonstrated on successive occasions the Labour-Alliance Government's failure to grasp the sensitivities of the market. Helen Clark has shown their shortcomings stem from the top," Belinda Vernon said.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Supreme Court: Worksafe Decision On Whittall Pike River Prosecution Unlawful

The question in issue on the appeal was whether WorkSafe New Zealand acted to give effect to an unlawful agreement of this nature when it offered no evidence on charges against Peter William Whittall for breaches of the Health and Safety in Employment Act 1992...

The Supreme Court... has found that the decision to offer no evidence was made under an unlawful agreement to stifle prosecution. It has granted a declaration to that effect. More>>


Cullen To Chair: Tax Working Group Terms Of Reference Announced

Finance Minister Grant Robertson and Revenue Minister Stuart Nash today announced the Terms of Reference for the Tax Working Group and that the Group will be chaired by Sir Michael Cullen. More>>


Gordon Campbell: On The New Pike River Agency (And The Air Strike Wing)

Much of the sympathy the public still feels for the families of the Pike River miners has been sustained by the sense that the previous government – let alone the mining company and the processes of receivership and litigation – has never dealt honestly, or fairly, with them. More>>


Not Going Swimmingly: Contractor Cut, New Dates For Christchurch Sports Centre

“As an incoming Minister, I have been conducting a thorough review of progress on the Anchor projects and to learn of a $75 million budget blowout on this project was very disappointing..." More>>


Tertiary: Allowances, Loan Living Costs To Get Boost

“From 1 January, student allowance base rates and the maximum amount students can borrow for living costs will rise by a net $50 a week,” says Education Minister Chris Hipkins... further adjusted from 1 April 2018 in line with any increase in the CPI. More>>


Foreign Affairs: Patrick Gower Interviews Jacinda Ardern

Prime Minister Jacinda Ardern says discussions have already begun on how to bring climate change refugees into New Zealand under a Pacific seasonal employment plan... More>>


Gordon Campbell: On The Centre Right’s Love Of ‘Nanny State’

You’d almost think it was 2005 again. That was a time when the rugged individualists of the centre-right were being beset by government regulations on the nature of light-bulbs, the size of shower heads, the junk food available at school tuck shops and other such essentials... More>>




Featured InfoPages

Opening the Election