Labour MP Phil Twyford has tabled a petition calling for an investigation into the decision not to proceed with charges against John Banks and Don Brash as directors of the Huljich KiwiSaver scheme.
Twyford won’t comment on the petition, which is the work of former Auckland mayoral candidate Penny Bright who is incensed that Banks, the minister for regulatory reform, escaped having to defend himself in court for signing a prospectus that contained false and misleading statements.
The petition now must be considered by the Commerce Select Committee, made up of nine MPs of which five are from the National Party. The petition has drawn a firm response from the Financial Markets Authority that such an inquiry is unnecessary. Its predecessor, the Securities Commission, was responsible for the decision not to prosecute.