Shipley discloses Mainzeal role to China Construction Bank
Chinese lender says Dame Jenny notified it that she had served as chairman and independent director of the collapsed group.
Former prime minister Dame Jenny Shipley has disclosed her role at the failed Mainzeal Group to China Construction Bank, the world's second-biggest lender by market value, where she is a director.
The Chinese lender said Dame Jenny had notified it that she had served as chairman and independent director of the group, which was put in receivership on February 6 and liquidation on February 28.
"Based on information available to Dame Jenny Shipley, the total amount involved in the liquidation of Mainzeal has not been finalised as at the date of this announcement, but likely to be $70 million or above," China Construction says in a statement to the Hong Kong stock exchange.
As Mainzeal is still being liquidated she is "not in a position to indicate the possible outcome of liquidation proceedings".
Dame Jenny was appointed chairman and director of Mainzeal Property and Construction on April 1, 2004, and resigned on December 31 last year, the same day she was appointed chairwoman and a director of Mainzeal Group, before she resigned from that related entity on February 5.
Former head of Brierley Investments, Paul Collins, and Tauranga businessman Clive Tilby resigned from the board at the same time, leaving Richard Yan, the ultimate shareholder in Mainzeal, as sole director.
Dame Jenny will stand down as a director of China Construction at its annual shareholders' meeting as one of three independent non-executive directors who are retiring by rotation from the board, the newzealandinc.com website reported on April 17.
Her place will be taken by former Treasury secretary Murray Horn.
Dame Jenny was grilled about her suitability as chair for state-owned electricity company Genesis Energy when she appeared before the commerce select committee in early March and would not answer calls from Labour's Clayton Cosgrove for assurances there was nothing relating to her Mainzeal role which could damage Genesis's reputation.
(BusinessDesk)
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Shipley discloses Mainzeal role to China Construction Bank
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