JBL report now with Minister

Press, Volume CXII, Issue 33033, 28 September 1972, Page 1

JBL report now with Minister

(New Zealand Press Association)

WELLINGTON, September 27.

A “fairly comprehensive” report on the JBL group of companies was presented to the Minister of Justice (Sir Roy Jack) today by the JBL receiver, Mr D. L. Hazard (above).

Speaking to reporters after a two-hour meeting with the Minister, Mr Hazard said the result had been under preparation for the last five or six weeks.

Sir Roy Jack said that the meeting had been arranged before last Friday’s adjournment debate on the JBL issue—but he was unable to say whether he would be able to make the report public until he had studied it.

Mr Hazard, asked' if his report considered possible illegalities, answered “yes," but added that it was concerned about getting JBL viable and salvaging people’s

money. If issues arose which needed to be brought to the Minister of Justice’s attention, they would be referred to him. Mr Hazard said the whole situation was most complex. Everything would be known only in due course when it was unfolded publicly. The people involved would be the first informed.

It was on the cards, Mr Hazard said, that the whole story would be available within about two months. Asked if he considered JBL could be made viable, Mr Hazard said he thought a great deal had been achieved. He believed some areas could be made viable. Sir Roy Jack said that the JBL matter had been greatly over-emphasised in the last few days. Nothing had happened recently to warrant such emphasis. The primary aim, he said, was salvaging as much as possible of the people’s money, and this had not been helped by recent events. It would be necessary to examine a mass of activities to see if there had been any breach of the law.

In Parliament this evening, Mr R. O. Douglas (Lab., Manukau) gave notice of motion calling on the Minister of Justice to explain how a trust account receipt held

by a Wellington woman turned out not to be a trust receipt. He also asked about statements in the JBL syndicate brochure covering the investment, and referring to guaranteed repayment of invested capital.