Commission deputy quits over finance company links

Donal Curtin. File photo

Deputy chairman of the Commerce Commission Donal Curtin has resigned his position following an inquiry into his relationship with troubled financial companies.

The commission launched an investigation after allegations Mr Curtin failed to disclose his interests.

Curtin had been chairman of Vestar's investment committee, which invested in a number of finance companies - including Bridgecorp - that collapsed.

Many of Vestar's clients blamed the company for poor financial advice.

Commerce Minister Simon Power said today he had accepted Curtin's resignation as deputy chairman which was in the public interest and was an appropriate resolution of the issues that had been raised recently in relation to his disclosure of interests.

" Curtin will remain as a member of the commission and will continue to use his experience to contribute to its work outside any areas identified as potential conflicts," said Power.

Curtin said he welcomed Power's decision.

"I believe my resignation of the deputy chair was the right thing to do as I appreciate that the minister's primary concern is to maintain public confidence in the commission and to ensure the integrity of its operations and decisions."

The commission hired Hugh Rennie, QC, to look at whether Curtin appropriately disclosed his involvement with finance and investment companies Vestar, Mint Asset Management and MFS.

Curtin, who has been a member of the commission since 2001, was appointed deputy commission chairman last July.

- NZPA