Hon Dr Michael Cullen
Minister of Finance

3 July 2008 Media Statement

Key asked to clarify when Tranz Rail shares were sold

John Key should clear up confusion about the intersection of his Parliamentary and commercial interests by releasing the exact date his Tranz Rail shares were sold, Finance Minister Michael Cullen said today.

“The government immediately accepted Mr Key at his word yesterday when he said he had already sold shares in Tranz Rail before making the June 2003 comments highlighted during Question Time,” Dr Cullen said.

“Indeed, Mr Key accepts that making those comments would have been inappropriate had he still been a shareholder. He said in 2003 during the debate on the Pecuniary Interests Legislation that:

It might be a bit uncomfortable, but if I am a shareholder of Tranz Rail and I want to get up in this House and start talking about that company, then my shareholding is relevant.[ John Key, 16 Oct 2003 Members of Parliament (Pecuniary Interests) Bill ]

“Given Mr Key’s acceptance that it is inappropriate to use one’s position as a Member of Parliament in a way that may be seen to advance commercial interests, he needs to clarify whether he held shares when seeking detailed, commercially relevant information to Tranz Rail through Parliamentary Questions in 2002.”

Attached: Parliamentary Questions asked by John Key regarding Tranz Rail’s track asset in October 2002.

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Hansard - Stage: - 31 Oct 2002
Written Question
Question speaker - JOHN KEY
Responding speaker - Hon Dr MICHAEL CULLEN
Question No - 12294

JOHN KEY to the Minister of Finance: Further to the response to written question No 11039 (2002), by the Minister of Transport, what reports has he received from any external source regarding repurchase by the Government of rail tracks in New Zealand, and what was the source of the reports?

ANSWER :

Hon Dr MICHAEL CULLEN (Minister of Finance) replied: I have received a wide range of advice from many sources on the array of available options for rail in New Zealand.

Hansard - Stage: - 30 Oct 2002
Written Question
Question speaker - JOHN KEY
Responding speaker - Hon Dr MICHAEL CULLEN
Question No - 12233

JOHN KEY to the Minister of Finance: What meetings, if any, has he attended regarding repurchase by the Government of rail tracks in New Zealand, on what dates were these meetings, and who were the attendees?

ANSWER :

Hon Dr MICHAEL CULLEN (Minister of Finance) replied: The Government's land transport vision makes clear that we see rail as a key strategic component of a sustainable transport system. A broad range of options are available to achieve this vision including the potential for some Government investment in the network.
While Government members commonly discuss available options, no decisions have been made, and I have attended no meetings where a Government repurchase of the rail tracks outside Auckland has been the focus of discussions.

Hansard - Stage: - 30 Oct 2002
Written Question
Question speaker - JOHN KEY
Responding speaker - Hon Dr MICHAEL CULLEN
Question No - 12232

JOHN KEY to the Minister of Finance: What papers, if any, has he presented to Cabinet, or any Cabinet Committee, regarding repurchase by the Government of rail tracks in New Zealand?

ANSWER :

Hon Dr MICHAEL CULLEN (Minister of Finance) replied: Outside Auckland, neither Cabinet nor any Cabinet committee has considered a decision to repurchase rail tracks.

Hansard - Stage: - 10 Oct 2002
Written Question
Question speaker - JOHN KEY
Responding speaker - Hon PAUL SWAIN
Question No - 11044

JOHN KEY to the Minister of Transport: What reports, by title and author, has he received regarding regulation and price differences between road and rail services in New Zealand?

ANSWER :

Hon PAUL SWAIN (Minister of Transport) replied: I have received a copy of the Terms of Reference for the Land Transport Costs and Charges Study approved by my predecessor. This has been made available to interested parties.
The report on Land Transport Costs and Charges is due to be completed in 2003.

Hansard - Stage: - 10 Oct 2002
Written Question
Question speaker - JOHN KEY
Responding speaker - Hon PAUL SWAIN
Question No - 11042

JOHN KEY to the Minister of Transport: What meetings has he attended regarding repurchase by the Government of rail tracks in New Zealand, and could he please detail the dates and attendees?

ANSWER :

Hon PAUL SWAIN (Minister of Transport) replied: None.

Hansard - Stage: - 10 Oct 2002
Written Question
Question speaker - JOHN KEY
Responding speaker - Hon PAUL SWAIN
Question No - 11041

JOHN KEY to the Minister of Transport: What papers has he presented to Cabinet, or any Cabinet Committee, regarding repurchase by the Government of rail tracks in New Zealand?

ANSWER :

Hon PAUL SWAIN (Minister of Transport) replied: None. Asset purchases are the responsibility of my colleague, the Minister of Finance.

Hansard - Stage: - 10 Oct 2002
Written Question
Question speaker - JOHN KEY
Responding speaker - Hon PAUL SWAIN
Question No - 11039

JOHN KEY to the Minister of Transport: What reports has he received from any external source regarding repurchase by the Government of rail tracks in New Zealand, and what was the source of the reports?

ANSWER :

Hon PAUL SWAIN (Minister of Transport) replied: None. Issues regarding repurchase are the responsibility of my colleague Dr Cullen.

ENDS

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