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Shipley discloses Mainzeal role to China Construction Bank

Monday 29th April 2013

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Former Prime Minister 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 Shipley had notified it that she had served as chairman and independent director of the group which was put in receivership on Feb. 6 and liquidation on Feb. 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 said 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."

Shipley was appointed chairman and director of Mainzeal Property and Construction on April 1, 2004, and resigned on Dec. 31 last year, the same day she was appointed chair and director of Mainzeal Group, before she resigned from that related entity on Feb. 5

Shipley 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 website reported on April 17. Her place would be taken by former Treasury secretary Murray Horn.

Shipley 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.

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