Inquiry sought
PA Wellington The Opposition wants an official inquiry into how the Tourist and Publicity Department came to invest about SS.BM in Equiticorp.
The Minister of Tourism, Mr Hunt, revealed yesterday that the department's trading arm, N.Z.T.P. Travel, had a “significant proportion” of its revenue invested in Equiticorp when it was placed in receivership last month.
The Opposition finance spokeswoman, Miss Ruth Richardson, gave notice at a meeting of the Finance and Expenditure Select Committee yesterday that the Opposition wanted the
committee to conduct an inquiry “into the unauthorised investment of public funds in a failed finance company.”
She has written to the Controller and AuditorGeneral, Mr Brian Tyler, asking him to conduct an inquiry into the investment.
Specifically, her questions include asking how a junior member made an investment decision “that is now publicly described as the result of a miscommunication,” what proportion of the total travel budget of N.Z.T.P. was invested in Equiticorp, and what were the chances of recovering some or all of the money.
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Press, 15 February 1989, Page 8
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169Inquiry sought Press, 15 February 1989, Page 8
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