Prime Minister John Key's son has been suggested again as a
dumping ground for the worthless shares of senior National
Party ministers.
Last week during question time, Mr Key was asked about his
shares in Jackson Mining, an Australian company that does not
operate in New Zealand, and he answered that he had tried to
sell his shares.
"I bought the shares in 2001, and the last time I looked at
them, from memory, was 2007 or 2008.
"At the time they were trading at 3.5c, and when I offered
them to my son, who was 12 at the time, even he didn't want
them."
Yesterday, blogsite thestandard.org.nz revealed senior
minister Murray McCully held shares in Widespread Portfolios,
a New Zealand-based investment company with mining interests
here and overseas.
The Government is drawing up a discussion document about the
prospect of mining in parts of the conservation estate.
Yesterday, Mr McCully downplayed the significance of the
shares, saying he had tried to sell them and would continue
to try to do so.
"They've been in my hands since about the year 2000.
"I declared them in the appropriate fashion.
"There are a total of 184 shares and their market value is
approximately $31.63.
"I'll have to give them away.
"Maybe the Prime Minister's son will be interested.
"It's been an unmarketable parcel and I'll have to give them
to somebody.
"If there are members of the press gallery, perhaps the
social club, interested, I could give that consideration."
Mr McCully asserted there was no conflict of interest because
he had declared his shareholding in the register of pecuniary
interests, and had not been present in any Cabinet
discussions about mining.
Mr Key confirmed Mr McCully's claim, saying Cabinet had yet
to consider the possible opening up of the conservation
estate.
The Cabinet Manual states ministers have to ensure that "no
conflict exists or appears to exist between their personal
interests and their public duty".
Opposition leader Phil Goff said any amount of shares in a
mining company working in New Zealand represented a conflict
of interest.
"Whenever there was a conflict of interest of any sort in the
Cabinet that I was part of, a minister was expected to remove
him or herself from the room immediately and not participate
in those discussions."
By Derek Cheng - The New Zealand Herald
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