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Statement on Tranzrail

John Key MP
National Party Leader

23 September 2008

Statement on Tranzrail

National Party Leader John Key today absolutely rejected assertions that he used his parliamentary position to gain any benefit from owning Tranzrail shares or intended to mislead anyone.

“The facts are:

- I never personally owned shares in Tranzrail. My family trust did, and initially purchased Tranzrail shares prior to me entering Parliament.

- My broker managed the details of the trust’s portfolio, reporting to a solicitor acting as an independent trustee of the family trust, and was able to act without reference to me personally.

- In early June 2003 I saw that Tranzrail was going to be a political issue, and instructed that the shares be sold. The parcel as a whole was sold at a loss.

- My recollection is that I instructed the sale prior to the 11 June select committee meeting. Nevertheless, I now believe I should have instructed their sale earlier.

- I didn’t intend to mislead in regards to the number of shares the family trust owned. The trust owned different parcels on different dates, and the focus had been on a 30,000 share parcel which was the subject of a Labour Party allegation.

- I didn’t release details of those shareholdings at that time. In hindsight I should have, and I am doing so now.

“We all know why this issue is being raised today, because the Prime Minister has a number of issues she needs to answer, including Winston Peters and other important issues that the country is facing.”

ENDS

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