New Zealand Labour Party

Assurances needed on fund investment

The Finance Minister needs to assure taxpayers that due diligence was carried out on a $200 million investment into a Portuguese Bank that collapsed three weeks later, Labour Leader Andrew Little says.

“The Super Fund has performed well over the years but there must be transparency around the loan to Banco Espirito Santo to maintain public confidence.

“Bill English was reportedly forced to make crisis calls in an attempt to save some this taxpayer money.

“Taxpayers deserve assurance that due diligence was carried out and to know what steps were taken before an investment of this magnitude was made,” Andrew Little says.