Govt dept had $5.8M in E’corp?
PA Wellington The Tourist and Publicity Department is reported to have had an unauthorised investment of $5.8 million in the Equiticorp Group. In an Auckland report yesterday the investment, which breached departmental guidelines, had been blamed on a “miscommunication” between a junior staff member and his superior.
A Treasury investigation into the matter was reported to have started. The Audit Office had also discussed the investment with Tourist and Publicity Department staff. Department travel division manager, Mr David Chapman, said departments were restricted to investing in institutions with Government security. A junior staff member had accepted an assurance from Equiticorp that the company's security was “just as good.”
The investments had begun in December, 1987, and had not been stopped by a senior officer who had misunderstood his junior’s explanation of the security offered.
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Press, 15 February 1989, Page 41
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140Govt dept had $5.8M in E’corp? Press, 15 February 1989, Page 41
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