INDEPENDENT NEWS

FMA Placebo Look At Silver Fern Farms Beggars Belief

Published: Wed 25 May 2016 01:59 PM
Rt Hon Winston Peters
New Zealand First Leader
Member of Parliament for Northland
25 MAY 2016
FMA Placebo Look At Silver Fern Farms Beggars Belief
New Zealand First is asking what the point of the Financial MarketsAuthority (FMA) is, with its report on Silver Fern Farms not being worth the paper it is written on.
“If this is the FMA’s standard for investigation then it’s no wonder hard working Kiwis are getting ripped off,” says the Rt Hon Winston Peters, Leader of New Zealand First and Member of Parliament for Northland.
“The FMA did not even call us once to discuss our complaint. We understand their ‘engagement’ with Silver Fern Farms consisted of a preliminary meeting and being sent self-serving documents from Silver Fern Farms.
“It did not include an accurate chronological record of accounting timelines critical to any investigation. That’s not an investigation, that’s an establishment fireside chat.
“The FMA failed to send anyone into Silver Fern Farms’ head office to carry out a detailed investigation into its documents. This means it did not seek or read internal financials, board reports or board minutes.
“That’s the least that we would expect if the FMA was doing its job properly.
“How did they expect their investigation to get the truth when they just took Silver Fern Farms’ word at face value? Did the FMA seriously think the board and management of Silver Fern Farms, the subject now of serious criticism, would magically send them incriminating documents and records?
“The Auckland-based FMA is full of the same establishment apologists that five years ago, investigated former NZX boss Mark Weldon in relation to Australia's Clear Grain Exchange. They said there was nothing to see here.
“So how does the FMA explain why Mr Weldon is, right now, facing serious legal action on the same matter from Australian interests when New Zealand’s FMA couldn’t even find a prima facie case?
“New Zealand First does not intend to let highly paid public officers get away with less than competent performance of their statutory duties. They should be warned. We see no point in a lapdog FMA costing taxpayers $30m every year.
“Masquerading as the market and public watchdog whilst acting as a poodle is going to stop,” says Mr Peters.
ENDS

Next in New Zealand politics

On Where The Politically-donated Bucks Should Be Stopping
By: Gordon Campbell
Govt Acts On Fuel Market Competition
By: New Zealand Government
18,400 Children Lifted Out Of Poverty
By: New Zealand Government
On Our Unreal Optimism About The Economic Impact Of Coronavirus
By: Gordon Campbell
Statement From National Party
By: New Zealand National Party
SFO Confirms Receipt Of Police File On Christchurch Mayor
By: Serious Fraud Office
Statement Of Jami-lee Ross - "Spoke Up Now Set Up"
By: Jami-Lee Ross
Foreign donation loophole still wide open
By: Jami-Lee Ross
No Place For Dirty Politics In Fisheries
By: Our Seas Our Future
Transparency International warns need for political funding reform is urgent
By: RNZ
Man Charged Over National Party Donations Planned To Go To Party's Candidate College
By: RNZ
Jacinda Ardern Tries To Soothe Virus Rift With China
By: RNZ
Coronavirus: Expert Warns More Flights Could Be Cancelled
By: RNZ
National Party Donations Case: 'I Am Now Being Painted As The Scapegoat' - Jami-Lee Ross
By: RNZ
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media