Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Congratulations to Securities Commission

Congratulations to Securities Commission & Michael Beard

Thursday 23 Dec 2004

Stephen Franks - Press Releases - Crime & Justice

ACT Justice spokesman Stephen Franks today congratulated the Securities Commission and Michael Beard for settling the TranzRail insider trading prosecution of Mr Beard.

"I am sure that the commission must have been tempted to press on to secure a `conviction' notch in its belt. I know from experience that a speedy resolution with payment of a substantial sum tells the market that insider trading is not worthwhile, yet the commission has faced repeated political carping by ignorant Labour Commerce Ministers because no insider trading prosecutions have been taken to conclusion. They choose to ignore the proceedings successfully settled.

"As recently as the last week in Parliament, former Commerce Minister Margaret Wilson was justifying her new bill to change insider trading law yet again, this time in an attempt to ape the unsuccessful Australian model, on the grounds that there had been no `successful prosecutions' in New Zealand.

"With Ms Wilson's lack of practical experience she must have been dismissing the advice of officials. They would know that courts discourage malicious continuation of proceedings when a prompt, public and generous settlement is offered. In addition, such a settlement sends stronger messages than a drawn-out contest enriching the lawyers.

"I am not surprised that Mr Beard has chosen to get this matter out of the way. From my dealings as a lawyer with him many years ago I believe him to be honest. Given the evidence that he was not simply dumping shares in light of his insider knowledge the commercial community will consider that he has paid a very high price for conduct that many will consider did not cross the ethical bar that should distinguish insider trading from lawful trading," Mr Franks said.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Perils Of Declaring Premature Victory

Sure enough, Saturday’s Vaxathon was a barrel of fun and a throwback not merely to the Telethons of the past. It also revived memories of those distant days of early 2020, when we were all carefully wiping down our groceries, not touching our faces, washing our hands for 20 seconds and responding to level four lockdowns by putting teddy bears in the window for the benefit of the little kids walking by in their family bubbles. Those were the days, when the Team of Five Million felt like a real, organic thing... More>>



Economy: Inflation highest in over a decade
The consumers price index rose 2.2 percent in the September 2021 quarter, the biggest quarterly movement since a 2.3 percent rise in the December 2010 quarter, Stats NZ said today. Excluding quarters impacted by increases to GST rates, the September quarter movement was the highest since the June 1987 quarter... More>>


Government: New Zealand Increases Climate Aid Contribution

The Government is making a four-fold increase in the support it provides to countries most vulnerable to the climate emergency, Prime Minister Jacinda Ardern and Climate Change Minister James Shaw announced today... More>>

Government: Opportunity To Shape NZ’s First Emissions Reduction Plan
The Government is inviting New Zealanders to inform the country’s first Emissions Reduction Plan with the release of a consultation document containing a range of policy ideas to decrease the country’s emissions, Prime Minister Jacinda Ardern and Climate Change Minister James Shaw announced today... More>>


CPay Cheque To Pay Cheque: Half A Million New Zealanders Have No Savings
New findings from the Consumer NZ sentiment tracker found that 15% of New Zealanders had no savings, and a further 27% were anxious about their level of savings and would like to have more tucked away... More>>

Government: Mandatory Vaccination For Two Workforces

Large parts of two workforces critical to preventing the spread of COVID-19 will be required to be vaccinated, COVID-19 Response Minister Chris Hipkins said today. “Our education and health and disability workforces have done an incredible job throughout this pandemic to keep themselves and people safe,” Chris Hipkins said.... More>>

Green Party: Deeply Concerned Space Launches May Be Breaching Nuclear-free Laws

The Green Party is deeply concerned that space launches by Rocket Lab may be breaching nuclear-free laws, given our long-standing position as a signatory of the Nuclear Non-Proliferation Treaty... More>>




InfoPages News Channels