INDEPENDENT NEWS

Franks Fronts Up To New Zealand Investors

Published: Mon 3 Jul 2000 02:18 PM
ACT MP Stephen Franks will front up to New Zealand investors in an interactive insider trading Q on Tuesday 4 July at 11am.
Mr Franks will be answering questions on business website ShareChat about New Zealand insider trading laws and their effects on New Zealand investors. Mr Franks is currently bringing an insider trading case against Fletcher challenge ex-chairman Kerry Hoggard for Fletcher Challenge shareholders Roger Kerr and Catharine Franks. For obvious reasons he will not discuss details of that case.
“There is a widespread view among investors that insider trading is a problem for New Zealand. That perception is a serious issue for New Zealand, whether or not it is justified.
“I am happy to discuss these issues from my experience as a commercial lawyer and time spent on the Securities Commission. I hope to explore the limitations of insider trading as a criminal offence, the advantages and disadvantages of our current law and where Commerce Minister Paul Swain’s review should go.
“I believe any law, including securities law, can only work when people believe in it. New Zealand business leaders must be genuinely outraged by cheaters, and support strict enforcement of it. That will not happen while the law catches ethical or morally innocent behaviour, as well as dishonesty. But when cheating on the rules is seen it must be ruthlessly enforced, with the open endorsement of business leaders.
“Politicians have responded to complaints about crooked business practice by promoting new laws, then letting all the usual enforcement problems stop them working. The problem is just shifted if we simply change the rules. The real problem is a lack of determination to enforce basic rules against dishonesty.
“I look forward to informing ShareChat users to the true potential ferocity of our insider trading laws,” said Stephen Franks.
About ShareChat
ShareChat is New Zealand's first discussion group and financial portal for sharemarket investors. Launched eleven months ago, ShareChat's community has shown strong growth, providing substantial information and vibrant discussion on the New Zealand and overseas sharemarkets.
ShareChat has three areas where investors and traders can chat - an Email forum, online message boards, and a live irc room. ShareChat also provides sharemarket articles and links to major financial news stories. http://www.sharechat.co.nz/

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