Govt Equiticorp figures revised

Press, 23 February 1989, Page 7

Govt Equiticorp figures revised

Political reporter

Investments in the Equiticorp group by Government departments and State-owned enterprises were $5 million less than originally announced, the Minister of Finance, Mr Caygill, said yesterday.

He told the House that the figures of $ll.l million for departments and $3.1 million for S.O.E.S were inaccurate.

The true figures were $7.05 million for departments and $4.2 million for S.O.E.S, he said. Mr Caygill said later he was concerned by the error, which was due to a transcription mistake and to some S.O.E. investment in the Equiticorp group being originally classified as departmental. The Opposition’s finance spokeswoman, Miss Ruth Richardson, criticised Mr Caygill’s “sloppy” financial stand-

ards. “The Minister must understand that running the economy is worlds apart from a child’s game of monopoly.”

But Miss Richardson has succeeded in her attempt to get the Finance and Expenditure Select Committee to investigate the investment policies and procedures of departments and S.O.E.s.

Among the select committee’s goals are to find out:

• Who is responsible for investment policy.

• Who is accountable for ensuring investment decisions comply with the policy. • What is the present range of State investments and which investments were liable to have their value adversely affected. • What sanctions exist when investment policies or procedures have been flouted.