SCF: David Cunliffe seeks enlightenment


The other day, in my post More on the Bank of Allan, I wrote

It would be fascinating as well to know what KordaMentha had been reporting to Treasury in respect of the way in which SCF had conducted business.

Today in Parliament, David Cunliffe – Labour Finance Spokesperson sought to obtain information on the background to aspects of the SCF saga. Interestingly, amongst the questions was an attempt to find out some elements of KordaMentha’s advice.

Mr Cunliffe raised the question of whether statutory management had been considered.

The exchange is shown in the video clip, not enormously enlightening, but does give some useful nuggets of information – around the entry into the Deposit Guarantee Scheme, for example.

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2 responses to “SCF: David Cunliffe seeks enlightenment

  1. He’d do better if he could be bothered to return my call (or read my email) and then he’d know the key transaction and issue to question: why on earth did the Crown approve the Helicopters NZ transaction?

    Sure there is a major issue in making a $400m+ provision in June 2009 while letting them trade on for a year, but the Helicopters NZ transaction was a very significant and in your face moment they could have and should have stopped the music.

  2. I suspect Mr Cunliffe will be asking a series of questions over time, but it will be interesting to see what lines of questioning he followss.

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