Prime Minister’s tricky trust unresolved

Prime Minister John Key’s management of his potential conflicts of interest remains unresolved, as he clings like a limpet to legal advice that has no relevance, Labour MP Pete Hodgson says.

“Mr Key’s blind trust is not blind at all. He is free to monitor the assets it holds through a company called Whitechapel Limited any time he wishes. Therefore his potential conflicts of interest have not been dealt to one little bit,” Mr Hodgson said.

“He is grasping at the bizarre notion that because Whitechapel could theoretically hold shares on behalf of lots of other people as well as himself he is sufficiently removed from its workings.

“This legalistic splitting of hairs beggars belief.

“The only shareholdings in Whitechapel are Earl of Auckland, Highwater Vineyard Ltd and Diary Investment Fund Limited, all of which used to be owned by Mr Key.

“The sole conclusion to draw is that Whitechapel has been set up for him and no-one else.

“It is now 18 months old and in that time no-one else has used it. Its two directors are the person who set it up, Mr Tesiram, and Mr Key’s personal lawyer, Mr Whitney.

“Despite the blindingly obvious, the denials, obfuscations and trickiness continue. Mr Key seems to believe he has outsmarted the blind trust system through his use of a tricky financial instrument,” Pete Hodgson said.

ENDS

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