Historical cases tabled at Commerce Select Committee

EUFA representatives met with the Commerce Select Committee last Thursday to make submissions to the petition tabled in Parliament in March 2009 for a Royal Commission of inquiry into the finance crisis.

Principal of Auckland law firm, Rainey Law, Tim Rainey, long time campaigner for human rights in the corporate area, Gray Eatwell and EUFA coordinator Suzanne Edmonds fronted up to the committee on behalf of investors who have been robbed of their savings by the finance industry’s mass malpractices.

EUFA submitted and tabled submissions from investors of the 48 troubled finance companies and the BlueChip group of companies.

To support the call for a Royal Commission of Inquiry, historical submissions were made. Among them the AMP case of Jim McSoriley and the National Irish Bank report. Justice campaigner Jim McSoriley spoke with passion to the committee of his experience with AMP and the loss of their home that they directly attribute to trusting their AMP advisor in investing for them.

A 400 page Irish High Court report of serious interest overcharging and Tax evasion by the National Irish Bank, (formally a sister bank to the BNZ at the time owned by the NAB bank) was tabled. The report reflects identical banking practices happening in New Zealand that the Authorities and Governments have failed to investigate, albeit numerous complaints that have been laid over many years.

The 2nd edition of Gray Eatwells book “You can bank on it” was tabled as part of the historical submission. Mr Eatwell wrote the book following injustices he and his family received from their bank in the 1990’s.

The well known Matakana/Chris Wingate story was tabled using his recent submission to the Ministry of Economic development. Mr Wingate’s submission targets Fiduciary responsibility.

Coordinator of EUFA Suzanne Edmonds said “The historical case cements EUFA claims that the current crisis is systematic of almost 30 years of Governments lack of protection for the public of either inadequate laws and/or lack of law enforcement”

The Government and their Authorities have a duty to enforce laws efficiently and effectively. Two years on from the beginning of the tsunami, little is being achieved, with a web that can only be untangled with a substantive umbrella inquiry with adequate terms of reference.

Mrs Edmonds adds; “The insufficient policing and law enforcement is only worsening the crisis by the day . There is definite signs of three to six degrees of separation from those involved in this entire crisis which includes former MP’s, financial advisors, company directors etc , demonstrating some very serious conflicts of interest and corruption,

Investors individually and through the EUFA organisation won’t rest and allow Government to ignore their obligations.”