Progressing Royal Commission of Inquiry

The Sunday Star Times has reported today that Act MP John Boscawen is pushing for an inquiry into the Finance Company disasters. Mr Boscawen has committed to seek accountability and has been researching the issues for sometime. His dedication is sincerely appreciated by all victims of this devastating disaster.

The tabling in Parliament of the EUFA Petition for a Royal Commission of Inquire has not gained sufficient recognition, ignoring the call of investors.

The public and victims need to strongly back the Petition to show your public outcry.....

The Companies office report that was tabled in Parliament on Friday contains nothing new from the claims EUFA members have made for over the past year, however it is positive progress and vindicates the criticisms made against New Zealand’s Savers (otherwise known as Mum and Dad Investors). The report has confirmed EUFAs longstanding claims, including that a number of the finance companies ended up running a Ponzie type scheme. While the report is not news to members, it is significant and supports EUFAs very public appeals. The report also supports much of EUFAs communications and requests for government intervention or calls for inquiries, statutory Management etc.

With this report now tabled in Parliament - EUFA's stance of almost 18 months has obviously been proved correct.

Attached is a Support Petition document to call for a Royal Commission of inquiry. If members want to increase recovery of losses, this must be supported by as many signatures as possible.

Please ask family friend's and neighbour's to sign if you want to progress to a positive personal result. If complacency prevails our efforts thus far will be lost.

The Petition will also be available on the EUFA website tomorrow at. www.eufa.co.nz

Finance Sector Public inquiry / Company Office report made public. 
 

Strong reaction has come in from EUFA members today following a Sunday Star Times disclosure that the Companies office has tabled a report in Parliament unveiling a “Financial Horror Show”.

The report is a validation of most of EUFA's correspondence and communications with Members of Parliament, Authorities and the public.

The story is aligned to a public announcement for a push for an inquiry into the Finance Company collapse by Act MP John Boscawen.

EUFA members applaud Mr. Boscawen initiative and positive action but many also hold reservations that EUFA's petition for a Royal Commission of inquiry is being ignored.

The petition essentially represents all the 180,000 hard working investors with $6.b of their savings frozen.

The former Minister of Commerce, Ms Dalziel is reported in the Sunday Star times as saying;

“I always felt the public did not have a good understanding that there were protections in place. They sought of blamed the Government”

This was never EUFA's position. EUFA simply wanted the current laws enforced. Mr Boscawen has a clear understanding of what the EUFA organisation's expectations are.

EUFA maintain that the state has an obligation to ensure laws are upheld and that victims are entitled to justice. EUFA also maintain the government agencies have been under resourced and were suffering from incompetence and lack of funding. Any new laws will be supported by EUFA if they are a way to prevent such a calamity again but EUFA members want action over the current crisis. It is reported Ms Dalziel said the Company Office report highlighted how there have been many layers of protection in place for finance company investors, but there had been multiple failures of those charged with enforcing them. Whilst damning, this admission is very encouraging to investors.

EUFA's mandate is to continue to lobby for the existing protection laws to be enforced. EUFA members agree that any inquiry must not interfere with a proper due process. However, victims are entitled to representation and must be afforded justice and their rights met.

Coordinator of EUFA, Suzanne Edmonds said today “ Having only cheque book justice in New Zealand is not acceptable as it is a breach of our human rights to be denied justice. Ironically the government has a big cheque book allowing criminals to obtain legal aid, seemingly at their disposal... all we want is equality.”

The Companies office report tabled in Parliament on Friday is welcomed by EUFA, as it identifies most issues raised with the Government over the past 18 months by the organisation and /or members and several professional commentators.