Serious Fraud Office Should Explain Lack Of Action
Friday, 1 December 2000, 10:56 am Press Release: ACT New Zealand
ACT Justice Spokesman and commercial lawyer Stephen
Franks has written to Serious Fraud Office director
David Bradshaw, requesting that he release to Fletcher
Challenge the information the SFO received, when it
inquired into an alleged insider trading incident
involving Fletcher Challenge shares in May last year.
“If
the company is prepared to take action against the people
involved in this questionable trading in its shares, it
should not be effectively blocked by an SFO decision to take
no action.
“If the SFO has a policy of only
prosecuting when it thinks it has a better than 50 percent
chance of success, it should change that policy.
“When a
climate has developed of suspicion that there is a high
toleration of commercial dishonesty, extraordinary
measures may be needed to restore confidence. The
public needs to know there has been no cover-up.
“I think
these concerns would be best addressed through obvious
willingness to assist open court proceedings for a judge’s
decision if the law is uncertain.
“This is particularly
important at a time when the SFO is pitching to front
insider trading investigations and prosecutions should the
Government introduce criminal sanctions against convicted
insiders,” Mr Franks said.
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