John Banks Business Dealings Raise Questions

Auckland voters should be wary of a mayoral candidate who campaigns on his fiscal rigour yet who is linked to a Kiwisaver fund which might have been incorrectly presenting its investment returns, says Auckland City Councillor Richard Northey.

“Today’s damning report by the Securities Commission, following on Gareth Morgan’s column about selling their Kiwisaver product door-to-door to South Auckland beneficiaries, concerning Huljich Wealth management, of which John Banks is a director, raises serious questions,” says Councillor Northey

“John Banks campaigns on his fiscal record. Yet he is linked to a fund management company which is now under scrutiny for the claims it has been making to potential investors. Mr Banks, as a director, ought to have signed off on that prospectus.

“Mr Banks must explain his role and what sort of oversight and scrutiny he is exercising in his governance role. He holds and is seeking public office. He is asking Aucklanders to trust him with the governance, oversight and vision setting for the region, yet questions must be asked over whether he had the capacity to do precisely that over a small fund management company.

“If Mr Banks is not capable of proper governance over one small company, what confidence should Aucklanders have of his ability to oversee New Zealand’s largest city,” Cr Northey said

ENDS

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