Forum Archive Index - June 2000

["Ian Andrews" <iandrews@ihug.co.nz>]

I don't know that we can say "little harm has been caused". We don't know the full extent of insider trading which may have occured, but which may only be revealed by a proper enquiry.

In any case, shareholder trust in all the directors of Fletcher Challenge has been damaged. I don't care what an agrieved shareholder's party political preferences may be; if their actions are targeted to upholding the law.

It takes a lot of courage & financial backing to take on the establishment. In my own case, I was threatened by lawyers I knew were being financed by the South Island company concerned when I raised publicly concerns about a "consultant's" share dealing. (The consultant was a former Chief Executive of the company) The Securities Commission was involved initially, but they only roared & failed to bite when necessary. The Company Chairman simultaneously lodged a complaint about me with my professional body's disciplinary committee - this complaint was later dismissed by the committee, but it kept me quiet while the parties continued feathering their nests.

I say its high time a line was drawn in the sand between directors & minority shareholders & our investment markets were made a safer place for ordinary investors.