Tuesday, September 23, 2008

JOHN KEY: Personal Statement on Tranzrail shares

Below is a statement from John Key about the FACTS relating to his past Tranzrail holdings.

There is no Labour spin and untruths about Key's share dealings as there was from Labour.

He has apologised, something Clark hasn't done for lying about her involvement in the Peters/Glenn donation scandal and that should be the end of it.

National Party Leader John Key today absolutely rejected assertions that he used his parliamentary position to gain any benefit from owning Tranzrail shares or intended to mislead anyone.

"The facts are:

-          I never personally owned shares in Tranzrail.  My family trust did, and initially purchased Tranzrail shares prior to me entering Parliament. 

-          My broker managed the details of the trust's portfolio, reporting to a solicitor acting as an independent trustee of the family trust, and was able to act without reference to me personally.

-          In early June 2003 I saw that Tranzrail was going to be a political issue, and instructed that the shares be sold.  The parcel as a whole was sold at a loss.

-          My recollection is that I instructed the sale prior to the 11 June select committee meeting.  Nevertheless, I now believe I should have instructed their sale earlier.
-          I didn't intend to mislead in regards to the number of shares the family trust owned.  The trust owned different parcels on different dates, and the focus had been on a 30,000 share parcel which was the subject of a Labour Party allegation.

-          I didn't release details of those shareholdings at that time.  In hindsight I should have, and I am doing so now.

"We all know why this issue is being raised today, because the Prime Minister has a number of issues she needs to answer, including Winston Peters and other important issues that the country is facing."

Click to download letter from UBS to John Key (PDF)

Click to download copies of share buy/sell contracts (PDF)

Related Political Animal reading

c Political Animal 2008

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