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Law to reveal private financial affairs

Katherine Rich MP
National Party Economic Development Spokeswoman

8 September 2006

Law to reveal private financial affairs of individuals

National’s Economic Development spokeswoman, Katherine Rich, is concerned that the Business Law Reform Bill championed by Lianne Dalziel will force high net-worth kiwis to make their private financial statements public.

“I don’t care if you are a self-employed contractor, a high-profile sports star or a captain of industry, when it comes to your personal finances you deserve the same sort of privacy that any other Kiwi enjoys,” says Mrs Rich.

“The Government’s agenda to have certain Kiwis reveal their private financial affairs is all about the politics of envy rather than greater accountability.

“These private companies and individuals already supply necessary information to Inland Revenue for tax purposes. It’s quite a different thing to require them to make this information available in for all and sundry to see through prospectus documents or through the Companies Office website.

“It will put investors off investing in New Zealand – despite the Labour Government purporting to want investment.

“It could also mislead potential mum and dad investors about the available asset base behind a finance company and give them a false sense of security.

“This legislation is all about Labour’s envy, and nothing else.”

ENDS

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