The Wild Bunch?: an Inquiry Is Needed to Restore Treasury’s Integrity
Listener: 24 August, 1996. (Published as Editorial)
Keywords: Governance;
The New Zealand public has just lost $328.4 million because of bad Treasury advice on the 1987 sale of New Zealand Steel to Equiticorp. The public lost that money because, during the sale process, the deal between the Crown and Equiticorp broke company law – section 62 of the Companies Act makes it illegal for a company to buy its own shares.