Donal Curtain saga leads New Complaint to Commerce Commission

The reaction from Vestar investors relating to Donal Curtin being stood down from the Commerce Commission has come as bitter- sweet news to the many investors who lost their savings, while he was chairman of the investment committee of Vestar.

Mr Curtin joined the Commerce Commission by Ministerial appointment in 2001, to which the Minister of Commerce stated recently that he had since provided a valuable contribution to “regulatory decision-making”.

To the contrary a serious conflict of interest was created, because Mr. Curtin has been taking remuneration from Vestar and other sectors of the Finance Industry, while holding this Government appointment holding statutory obligations to police compliance, since 2001.

As a consequence, EUFA has made an official request to the Commerce Commission to revisit consumer complaints involving Finance Industry Practices where Mr Curtin could have influenced regulatory decisions of the Commission.

In a letter to the Minister of Commerce 29th July 08, EUFA stated Mr. Curtin’s involvement with the commission “……..may well have influenced the inadequate compliance enforcement that has allowed the public to be left unprotected from the now evident dishonest practices of the Finance Industry in which he has been employed…..”

EUFA spokesman Gray Eatwell said in Tauranga today, “with thousands of investors facing losses of their retirement savings as a direct result of the advice of Mr Curtin’s committee, it is preposterous that the Minister of Commerce could allow such a blatant conflict to occur”...

EUFA
(exposing UnacceptableFinancail Activities)
www.eufa.co.nz