Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


EUFA Urges Parliamentary Inquiry Into Hanover



(Exposing Unacceptable Financial Activities Inc Soc)



EUFA members are calling on all investors from all failed finance Company and all New Zealanders to sign an open letter to the Prime Minister for a Parliamentary inquiry.  The inquiry called for is into the Security Commissions failure to monitor the ‘Enforceable Undertaking’ entered into on 17th August 2003 with Bridgecorp.

The Enforceable Undertaking covered Bridgecorp presenting misleading information engineered to mislead prospective investors as to the true financial position of investments offered.

The result of the failure to ensure compliance, led to many investors losing their savings invested based on falsified financial statements provided by Bridgecorp.

EUFA Finance spokesman Gray Eatwell said yesterday “Now that Bridgecorp Directors have been charged with offences under the companies Act, in relation to the Bridgecorp prospectus, it will be hard for the Politicians to ignore this one”

Each investigation being had at present such as the SFO and Commerce Commission, will add to the big picture and New Zealand will start seeing the perpetrators being held to account and some incompetent heads rolling.

The  Securities Commission have been negligent in upholding their mandate to maintain investor confidence by their failure.

Coordinator of EUFA said from Auckland today “ People have asked why are you just calling  on Bridgecorp’ and our answer is that it was the Bridgecorp collapse that knocked over the dominos creating a insurmountable amount of depleted  consumer confidence….. This is a team effort to seek accountability across the board and we must build the collectiveness to be heard”

With such a large number of finance companies having taken investor funds from real kiwi savers the Government must take action. 

The Hanover failure is catastrophic and has hit investors very hard as Hanover presented a very strong front giving confidence.

At an investor meeting yesterday, held by an Auckland  law firm Grimshaw and Co, it was very clear when Mrs Edmonds spoke of  the bigger picture  that Investors are in agreement with the collective approach at the same time they investigate taking action through the courts against those who negligently advised them on their investments.

Grimshaw and Co have offered a very positive approach to Investors and EUFA members to ensure everyone is able to seek sound legal advice on their individual case.





© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Another Leader Exiting: Statement From Peter Dunne

I have concluded, based on recent polling, and other soundings I have been taking over the last few weeks, that, the volatility and uncertainty notwithstanding, there is now a mood amongst Ōhāriu voters for a change of MP, which is unlikely to alter...

“I have therefore decided that it is time for me to stand aside, so the people of Ōhāriu can elect a new electorate MP. More>>


Gordon Campbell: On Labour’s Campaign Launch

One of the key motifs of Ardern’s speech was her repeated use of the phrase – “Now, what?” Cleverly, that looks like being Labour’s response to National’s ‘steady as it goes’ warning against not putting the economic ‘gains’ at risk. More>>


Lyndon Hood: Social Welfare, Explained

Speaking as someone who has seen better times and nowadays mostly operates by being really annoying and humiliating to deal with, I have some fellow feeling with the current system, so I’ll take this chance to set a few things straight.. More>>


Deregistered: Independent Board Decision On Family First

The Board considers that Family First has a purpose to promote its own particular views about marriage and the traditional family that cannot be determined to be for the public benefit in a way previously accepted as charitable... More>>


Transport Policies: Nats' New $10.5bn Roads Of National Significance

National is committing to the next generation of Roads of National Significance, National Party Transport Spokesperson Simon Bridges says. More>>


Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>


Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>


Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>





Featured InfoPages

Opening the Election