‘No evidence of offending’ in KiwiSaver

Police and FMA to take no action on cluster bomb investments. With special feature audio.

The Police have released a statement on an investigation into whether the Cluster Munitions Act may have been breached by KiwiSaver fund managers.

“There are significant threshold issues with regard to establishing breaches of the Act, and at this stage there is no evidence to indicate offending,” the Police said.

The investigation was done in conjunction with the Financial Markets Authority.

The Police said a feature of fund management was that securities were bought on traded markets, so money from the investment did not provide funds for the companies producing the weapons.

“Additionally, New Zealand fund managers also place money with offshore fund managers, who may undertake share trading on overseas markets, rather than the New Zealand fund managers investing directly.”

The Police said if any new evidence came to light, “this will be assessed and acted on as required.”

Click the hamburger symbol top right of our homepage to access the Rich List 2016 and other sections.

10 comments
Login in or Register to view & post comments