Prebble defends Brierley

Press, 24 August 1988, Page 2

Prebble defends Brierley

PA Wellington The Minister for State-Owned Enterprises, Mr Prebble, has defended the Bank of New Zealand chairman and head of Brierley Investments, Sir Ronald Brierley, against an Opposition call for him to step down from the BNZ chairmanship because of a conflict of interest. The Opposition spokesman on S.O.E.’s, Mr lan McLean, said that Sir Ronald should step down while negotiations for the sale of BNZ

were being held because Brierley Investments was itself a. potential buyer. But Mr Prebble said the statement was irresponsible and the Opposition was deliberately confusing the situation. There was no similarity between the situation of Sir Ronald and that of Mr Rob Campbell, who has stood down from his New Zealand Post directorship because he is acting as a consultant for a competitor of the corporation.' “If Sir Ronald Brierley bought a

trading bank that was in direct competition with the Bank of New Zealand, the Government would then expect him to resign also.” Mr Prebble also responded to Mr McLean’s comments on the staff of the Development Finance Corporation, calling the comments “totally despicable.” Mr McLean attacked Mr Murray Smith, managing director of the D.F.C., for his purchase of shares in the corporation, saying Mr Smith should reveal details of the deal.