NEWS: Statement on Tranzrail

11 Comments
23 September 2008
NEWS: Statement on Tranzrail

National Party Leader John Key today absolutely rejected assertions that he used his parliamentary position to gain any benefit from owning Tranzrail shares or intended to mislead anyone.

"The facts are:

- I never personally owned shares in Tranzrail. My family trust did, and initially purchased Tranzrail shares prior to me entering Parliament.

- My broker managed the details of the trust's portfolio, reporting to a solicitor acting as an independent trustee of the family trust, and was able to act without reference to me personally.

- In early June 2003 I saw that Tranzrail was going to be a political issue, and instructed that the shares be sold. The parcel as a whole was sold at a loss.

- My recollection is that I instructed the sale prior to the 11 June select committee meeting. Nevertheless, I now believe I should have instructed their sale earlier.

- I didn't intend to mislead in regards to the number of shares the family trust owned. The trust owned different parcels on different dates, and the focus had been on a 30,000 share parcel which was the subject of a Labour Party allegation.

- I didn't release details of those shareholdings at that time. In hindsight I should have, and I am doing so now.

"We all know why this issue is being raised today, because the Prime Minister has a number of issues she needs to answer, including Winston Peters and other important issues that the country is facing."

Click to download letter from UBS to John Key (PDF)

Click to download copies of share buy/sell contracts (PDF)

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#1 - Nick 2008-09-23 10:59 - (Reply)

Everyone you ask says can I trust Key I think the answer will now be no. Good or bad people just want full disclosure but do it here on your own terms not with the dirty media.

#2 - Andrew Grenon 2008-09-23 11:47 - (Reply)

I can see this for what it is and I think the general voting public will too: A diversion. They are painting it like you used your privelledges to make a financial gain - almost as if you've still got the shares. Thats rubbish. So.. The country will put their faith in you, John. But do everything you can to bury Labour for this pathetic attempt at an attack on your character. Make them look like the liars THEY are. (I want to see Mr Cullen's teeth knashing next time you're in the debating chamber) Cheers, AG

#3 - alan humphries 2008-09-23 13:34 - (Reply)

Stop saying sorry for something you didn't do! Sure, your trust should have sold the shares earlier, but you shouldn't march to Labour's tune. This was a great opportunity to turn the tables and attack Labour - make them address the issues, and if they are going to play the "Can't trust JK" card, you have more ammunition than they have. But I agree with your philosophy of not getting into gutter politics. Keep focused : we'll need you after November!

#4 - Michael 2008-09-23 15:55 - (Reply)

Excellent. Fronted straight up to a mistake and fixed it. Very nice to see. Thank you.

#5 - Chris 2008-09-24 10:07 - (Reply)

Hope you don't have any more skeletons in the closet - for the sake of the future of New Zealand - if you do have more to reveal - DO IT NOW...!!!

#6 - Brian Packer 2008-09-24 16:46 - (Reply)

I only watched a bit of Paul Henrys interview with you this morning but one thing that I noted is that I believe you need to be tougher when being interviewed. Don't let them continually interrupt you. You don't need to be rude just firm! We have waited too long for a election victory.

#6.1 - RJM 2008-09-24 18:54 - (Reply)

response to Brian Packer Yes maybe John has to come across a bit tougher but he was on the back foot a bit. Dont want him to show that complete arrogance and over bearing attitude that was displayed by Cullen the other night on close up. He just talked over the top of the questions to avoid the question. (It was out our Winston) When you think about it a bit this mottle lot called labour have to go. RJM

#7 - Kerry Travis 2008-09-24 22:47 - (Reply)

We also need to see this for what it is - a diversion for the Winston Peters debacle, and Paul Henry wanting the Close Up position! New Zealand is needing a leader in business like John Key, without the arrogance and political hard savvy of Clarke and her weary men. Don't play their games, John. This is why the polls are saying you are the most preferred Prime Minister, as the public are tired of the games Labour and their alliances have played for too long now.

#8 - IAN LEVIN 2008-09-25 10:23 - (Reply)

Watch your back John, the Labour Party will still be trawling the sewers looking for muck to throw at you.

#9 - Lyn 2008-09-25 11:17 - (Reply)

John - I watched the Paul Henry interview with John Key on Breakfast yesterday morning and I was so angry that you were being given a grilling about something so trivial. Paul is just an arrogant opportunist who is like a little bit of dandruff trying to get a head! Don't let the turkeys get you down. I will still be voting National and you WILL be our next leader - not just my opinion but nearly everyone I talk to. Hang in there John - it'll be a dirty fight but I have confidence you will win.

#10 - ALAN 2008-09-25 13:54 - (Reply)

Getting onto the REAL point - you lost money. Winston is getting away with dodging the issues on what he did with MY money : I'm a taxpayer, and deserve honesty from the politicials who spend MY money. Where is Bob Jones' $ 25,000? Who got MY money that WP overspent at the last election? Frankly, I don't care about your dealing in Tranzrail shares - it's your money to make or lose. But I really care about what WP does with taxpayer funds, or money given to him but not used for the purpose it was intended. Keep your eye on the ball and don't be sidetracked.

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