EUFA recovery road show report release postponed

Apparent disinterest by political leaders to the plight of small investors burned by the finance company collapses is causing the organisation championing their plight to review its position..

``We had hoped to give a confidential briefing on May 17 to all party leaders on our findings from a nationwide survey,' says the co-ordinator of EUFA (Exposing Unacceptable Financial Activities), Suzanne Edmonds.

``The issue is too important to become a political football and it was hoped the meeting could lead to a consensus on what should be done. The Government has put up Commerce Minister Lianne Dalziel to talk with us and asked other than leaders who we would like present. But the issue has become wider than for one Minister and they were only offering us one. It extends out to the health, social welfare, finance and justice ministries - as well as the Serious Fraud Office or what ever is replacing that. Leaders need to know about this crisis in their country. But the only leader who has shown any interest is Peter Dunne (United Future Party). Labour and National leaders have both declined to attend and we have not even received the courtesy of a response from the other parties in Parliament.'
She says EUFA is now seriously considering releasing its findings publicly without any advance briefing of politicians as EUFA see no other option really.

The nationwide survey, which has involved a series of public meetings with out of pocket investors, and collation of hundreds of written submissions, has found literally thousands of ordinary New Zealanders are now affected and their combined losses exceed a billion dollars.

``People are losing their homes in the most serious cases and for many more their financial security for the future has disappeared – these are our Kiwi Savers ' Ms Edmonds says.

``This was hard earned money they had put away for their retirement, as the Government advises. They trusted their financial advisers and enforcement agencies supposed to supervise financial institutions.

``I find it incomprehensible that politicians can believe the social impact of these losses as finance companies failed is not significant. And yes! I am angry on behalf of the people EUFA represents.

``It is extraordinary the main opposition party is not interested in this subject in an election year. But of course National may be a little embarrassed by the fact that Sir Douglas Graham chairs one of the major financial institutions involved, and it has many friends, who would seem to have failed in their duties of prudent management, among directors of others.

``A serious enquiry is required, not just into the plight of thousands of ordinary New Zealanders who have been financially crippled after trusting advisors and government watchdogs, but also into actions of finance company trustees, directors and advisors who have plainly failed in their duties.' She says some government agency heads may need to roll.

Ms Edmonds says EUFA is not going to go way and intends to continue its campaign until the Government and other political parties recognise the seriousness of the situation and take appropriate action.'