I have been giving further thought to some of the issues re SCF. There has been additional information coming to light such as the articles in last Friday’s NBR and today’s article in the Sunday Star Times by Greg Ninness – The Bank of Allan.
Then there is the situation at Allied Farmers, which seems to be going from bad to worse with talk of legal action re the Hanover deal.
As if those two matters were not enough I saw in Saturday’s Dominion Post an editorial on what appears to be some rather poor governance practices at Capital & Coast District Health Board, especially when you go and read the related material.
Quite a lot to read and digest. So I will comment in due course.
One quick thought though. If I remember my UK company law correctly, in situations such as SCF and Allied Farmers, the old Department of Trade & Industry would appoint inspectors, usually an eminent commercial ‘silk’ and a leading senior accountant to look into what happened. Why do we not do that here?
Failing that, I would have thought that given the massive wealth destruction over the last several years, occasioned by the many finance company failure that there were strong grounds for a Commission of Inquiry with the powers to compel evidence etc. In fact given the huge public interest in this matter, that such a Commission of Inquiry would be the sensible thing to do. It would probably be better than an inspection, as suggested above. Furthermore, it seems to me that it would be wise for such a Commission of Inquiry to be led by suitable candidate from perhaps the UK, Canada or Australia, as a means of getting appropriate perspective on the matter and reducing potential for conflicts of interest.