KEY POINTS:
Labour MP Shane Jones today used Parliamentary privilege to say David Richwhite should be jailed.
Yesterday in Parliament NZ First leader Winston Peters and Mr Jones lambasted Sir Michael Fay and David Richwhite for their business dealings.
A business owned by the men, Midavia Rail Investments, made $63 million selling Tranz Rail shares in 2002. The Securities Commission accused the company of insider trading and said Mr Richwhite, as a Tranz Rail director, tipped off Midavia when to sell because he knew of financial problems not in the public domain. A $20m settlement was agreed to.
Mr Jones said Sir Michael should lose his title and today he continued the attack and blamed former National governments for failing to act.
Yesterday National deputy leader Bill English spoke during the snap debate and said the Tranz Rail case and others the businessmen were connected to had faced legal scrutiny throughout.
Mr Jones said the subdued tone of Mr English's speech showed his shame.
"(He) had an opportunity to stand and attack and criticise the criminal wrong doing associated with Michael Fay and David Richwhite and his silence was thunderous," he said.
"We should never forgot over that period of time shameful in our recent history when corporate larceny was at large members of the National Party had an opportunity to correct matters, they chose not to do so."
Mr Jones said there was a jail cell with Mr Richwhite's name on it and he said alleged offences committed by the businessmen were more serious than those that many people served jail sentences for.
"We must never never allow individuals such as Fay and Richwhite and their ilk to believe that they are either more elite or because of their wealth they are a higher class or entitled to dip into the public purse to enrich themselves."
Mr Jones admitted during his speech that he would not try repeat his claims without the protection of Parliamentary privilege.
"Someone who can write a cheque out for $600m and still have $50m in the bank is to be regarded with a fair degree of caution."
National MP Shane Ardern said Labour had also been in power at the time of some of the allegations.
"I want to remind that member while he was in the United States studying at university we had a Labour Government in this country in the 80s."
Labour MP Parekura Horomia accused the media of under-reporting the settlement.
"You know the press I want to say this to you if it was Maori you'd splash it continuously for 10 weeks but because its the boys and the mates of the rich we won't say nothing."
- NZPA
