NO TIME LOST

Evening Post, Volume CXVIII, Issue 34, 9 August 1934, Page 14

NO TIME LOST

COMPANY INQUIRY

INSPECTORS APPOINTED

CALLS AT OFFICES

ACTION TAKEN TODAY

.' With. regard to the affairs of the Investment Executive Trust of New Zealand, Ltd., and its 14 associates, no time has been lost by the Government in putting the Companies (Special Investigations) Act, passed last evening, into operation. Almost immediately after vthe House rose last evening a special, meeting of the Executive, Council was held, and the appointment of the following inspectors under the Act was niade:— MR. J. L. GRIFFIN, Wellington MR. H. D. VICKERY, Wellington MR. A. M. SEAMAN, Auckland, and MR. J. M. ELLIFFE, Auckland. In announcing the appointments today, the Minister of Financo (the Et. Hon., J. G. Coates) said that the matter of putting the Act into operation had been treated as one of urgency. All the accountants appointed were practitioners of high standing. They had now .entered on their duties. The appointments arc made to investi"gato. the. affairs of each of the companies specified in the schedule to tho Act, and the inspectors are.to report in writing to the Supremo Court (it Wellington, and :fi<rnish a copy of each report; to the Attorney-General. •■ It; is understood that the four inspectors called at tho offices of the companies in Auckland at 9, o'clock this morning and warned tho principals that the investigation would commence at 10 o'clock, by which timo the necessary papers were lodged at tho Supreme Court tat Wellington. Upon the doculnontgjbeing filed in the Court tho same .effect was secured as though an order had''been made by the Court under sectitan 142 of the Companies Act, ,1933, which ".authorises investigation of company ' affairs. The persons concerned were advised to make no attempt to remove or destroy any of the, documents; ■ Although no official announcement has been made here, it is believed that .similar action was taken in Sydney, Melbourne, Canberra, and Adelaide under the provisions of legislation and ordinances passed in those centres last evening. , ' • Inquiries from independent sources indicate that the total amount of investments made with the various com•panies named in the Act is approximately £2,000,000. ' • Great secrecy was observed both in New Zealand and Australia as to thei iiitentibris of tho various Governments, and very efficient organisation enabled tho pro vision's of the Act to b© put into operation without those vitally concerned receiving any inkling of what was .afoot. c ■ The full report of the passing of special-, legislation to deal with the position! referred to in the foregoing appears on pages 8 and 9.