For immediate release 23 February 2001

STATEMENT FROM NEW ZEALAND POST ON HIGH COURT JUDGEMENT

New Zealand Post Chief Executive Elmar Toime said the company appreciated the undertaking given by Mr Prebble not to release any further information relating to the business case for the new bank until 5.00pm Monday.

“The case raises an important point of principle that a State Owned Enterprise operating in a competitive market must have the ability to develop its commercial strategies in confidence.

“At no time has New Zealand Post sought to gag Mr Prebble or to prevent legitimate public policy debate regarding the new bank.

“New Zealand Post’s concern has been the release of detailed commercial strategies that we will use to build the new bank.

“New Zealand Post will consider the court’s judgement over the weekend, before making a decision on how to proceed.”

ENDS

For further information:
Simon Taylor, New Zealand Post Media Relations Manager
025 248 6715