Peters Winston: Oral Questions — Questions to MinistersText is incorporated into the Bound VolumePeters Winston: Oral Questions — Questions to Ministers[Sitting date: 17 November 2015. Volume:710;Page:8019. Text is incorporated into the Bound Volume.]2.Rt Hon WINSTON PETERS (Leader—NZ First) to the Minister of Finance: Does he stand by all his statements?Hon BILL ENGLISH (Minister of Finance): Yes in particular those that were intended to help that member’s understanding of the economy.Rt Hon Winston Peters: Does his statement “The commercial arrangements between the investors are not really the Government’s business.” mean that he is absolving the Government of any responsibility for the operations of the Companies Act and the Takeovers Act with regard to Silver Fern Farms; if so why?Hon BILL ENGLISH: Yes I stand by that statement. The Government is not responsible for the commercial arrangements entered into between Silver Fern Farms and the recent buyer. If there is any question of the Companies Act being breached then that is a matter for the enforcement agencies.Rt Hon Winston Peters: Does he stand by his statement “hardened long-term shareholders in Silver Fern Farms … voted overwhelmingly in favour of the transaction.” and does that mean he supports board members failing their fiduciary duty to disclose to shareholders the true—David Bennett: Say it outside.Rt Hon Winston Peters: —I will—the true financial state of a company subject to sale to majority overseas interests; if not why not?Hon BILL ENGLISH: The statement means what it says and that is that a company that has suppliers who I know scrutinise it very closely ran a series of meetings for a shareholder vote. In fact I think that legally they did not actually have to do that but they did it. If there are any questions of directors not meeting their fiduciary duties that is a matter for the shareholders in the first instance and the enforcement agencies otherwise.Rt Hon Winston Peters: How can it be acceptable for shareholders in New Zealand’s largest meat exporter to be given documentation 2 weeks before the end of its financial year when directors knew full well that that documentation was false and much much worse than Silver Fern Farms’ true financial state?Mr SPEAKER: It is a very marginal question. I will leave it for the Minister of Finance to answer it.Hon BILL ENGLISH: That is simply an allegation that has been made no doubt to the member and now by the member in the House. Anyone who has an interest in it can go and check that out but of course the board would be required to meet its legal obligations of disclosure.Rt Hon Winston Peters: Why will National not act on the operations of the law in a conspiracy that is of wine-box proportions designed to avoid the Takeovers Act and Companies Act defraud shareholders led by company chief executive officer Dean Hamilton the banks HSBC CBA Finance Holdings and Rabobank the American investment bank Goldman Sachs which got $10 million for the deal—Mr SPEAKER: Order! Bring the question to a conclusion.Rt Hon WINSTON PETERS: —so-called independent advisor Grant Samuel and Associates law firm Harmos Horton Lusk and Silver Ferns Farms?Hon BILL ENGLISH: To give the member credit the original conspiracy that he was referring to actually was one and it was a very complex one. In this case I think it is a bit less obvious that there is the same kind of nefarious activity as was associated with the wine box. But if the member has allegations of that sort he is free to broadcast them publicly outside the House and take them up with the people concerned.Rt Hon Winston Peters: If that is the Minister’s challenge then what exactly is his role as a senior Cabinet Minister the Minister of Finance in these matters?Hon BILL ENGLISH: As I have pointed out we do not have a role. I mean I have had a role as a neighbour of some of the long-term shareholders who have been very motivated about the meat industry for a number of years. In fact I have seen some of them quoted in the media recently now satisfied with the state of the meat industry which I never thought I would see happen. I would suggest the member take that up with shareholders.