NZSA welcomes removal of Whimp ‘hazard’

Friday 13th May 2011 1 Comment

The New Zealand Shareholders Association (NZSA) has said it is pleased unsolicited offers to purchase shares by entities associated with Bernard Whimp have been permanently injuncted by the Court.

"Whimp is a well known commercial hazard who has now been stopped in his tracks twice in the last few days," said NZSA chairman John Hawkins.

"This is a good example of rapid, decisive action working as it should."

Hawkins said the Shareholders Association noted that Whimp had last week announced his intention to retire from making these offers.

He said Whimp could now demonstrate how genuine this claim was by making sure he respected the Court order and returned shares promptly "to the 1200 people he attempted to rip off."

Hawkins said the NZSA had lobbied hard to see the establishment of the new Financial Markets Authority (FMA) despite considerable opposition from some groups.

"Even though it is early days, we see what has happened as tangible evidence vindicating the stance we adopted. It is already a quantum leap ahead of the previous regime."

He said the FMA had demonstrated it had both the will and the tools to shut down unfair and devious behaviour which in the past might have been ignored.

"This early action by the FMA is a small but important first step in restoring confidence in the capital markets," he said.

Comments from our readers

On 17 May 2011 at 1:03 am Ty said:

NZSA talk about connecting, but still never had a answer to a question 11 months ago and I'm an actual paid up member.