COMPANY COMMISSION

New Zealand Herald, Volume LXXI, Issue 21874, 9 August 1934, Page 13

COMPANY COMMISSION

AUCKLAND GROUP'S AFFAIRS

CLOSE INQUIRY ORDERED ACT THROUGH PARLIAMENT The operations of tHe Investment Executive Trust group of companies, with headquarters in Auckland, was the subject of an interim report from the Company Promotion Commission, which was teibled in the House of Representatives yesterday. The report recommended that further powers of investigation should be provided. Fhe Minister of Finance, Mr. Coates, later introduced a bill covering these requirements. The bill was passed by the House and the Legiskitive Council and later received the Governor-General's signature, so that k has now become law. Further points in the report were a statement that while other investment companies had co-operated freely with the commission and offered all information about their affairs, the group concerned in the report refused definitely to do either of these things. It was added that control of several of these companies was being transferred to Australia, and the names of a number of their officials who have already gone to Sydney were given. It was revealed during the proceedings in Parliament that steps had been taken to have similar action taken simultaneously in Australia. The recent visit paid by Mr. A. D. Park, Secretary to the Treasury, and Mr. J. S. Barton, chairman of the commission, to the Commonwealth, was stated to have been in connectipn with these arrangements.