The Republic of New Zealand Party

The current duplicity of the National Party on Kiwibank’s future highlights the duplicity of the Bank of New Zealand as a false advertiser says Republic of New Zealand Party leader, Kerry Bevin.

To use the words New Zealand in your business name when you are a foreign owned company is definitely false advertising, he said.

“BNZ is really Oz bank. The only true Bank of New Zealand is Kiwibank.”

Mr Bevin, who is also the Party’s economic spokesman, said this kind of lying through your teeth does nothing for the integrity of New Zealand financial institutions and services. It also invites con men and criminals, he said.

The whole wild west approach to finance in this country needs wrangling into shape. Cowboys in finance have done a lot of harm to investors and their confidence.

“Now we have poker playing cowboys in Parliament gambling with Kiwibank.”

Mr Bevin said Labour had failed to tighten finance regulations. The Minister of Finance evaporated billions in surplus in an instant. Serious fraud has run amok.

“When are these fraudsters going to get a real smacking?”

He said National is happy to have holes big enough to drive trucks through.

“It’s hardly surprising that investors are terrified and stay with bricks and mortar that distorts the real estate market. No wonder entrepreneurial capital is hard to find and economic stagnation has set in.”

Mr Bevin said The Republic of New Zealand Party intends to address these issues and alert advertising authorities to culpability for blatant breaches like the BNZ, Bridgecorp, Blue Chip and Hanover.

“Lying and false advertising mean conmen are having a field day in finance and in Parliament.”

He said the Republic of New Zealand Party would strengthen financial regulations that control money-go –rounds in the finance industry.

Principals and partners will be culpable for fraud, serious fraud investigations will be strengthened and receivers will be more closely monitored to prevent premature bankruptcy.

False advertising will have more serious consequences.

“An inquiry is necessary to stop these rorts, punish conmen and restore confidence to honest investors,” Mr Bevin concluded.

ENDS