Waiting game for airline on probe

Air New Zealand says it has no information relevant to the Australian Securities and Investment Commission's investigation of its financial disclosures last year.

It says it is waiting for the commission to clarify whether there are any legal grounds on which possible proceedings might be based.

The airline, 82 per cent owned by the Government, was responding to a request from the Stock Exchange's Market Surveillance Panel to provide information related to the commission's investigation. The panel is responding, in turn, to a request from an airline shareholder.

The commission's investigation is likely to continue until the end of May, and Air NZ told the panel it would provide further advice as soon as it had any relevant information.

The airline is monitoring the progress of a private member's bill in the Australian Parliament - the Corporate Responsibility and Employment Security Bill - which seeks to impose retrospective liability on companies for debts or liabilities of a subsidiary.

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