New Zealand’s OTHER secret shame – *Update*
Continued from: New Zealand’s OTHER secret shame
On 12 December, this blogger reported that two domestic investment funds, the government’s National Provident Fund and Government Superannuation Fund had “ interests in collective investment vehicles ” that were investing in Lockheed Martin, Raytheon, and L-3 Communications.
These three corporations manufacture weapons known as “cluster bombs”, which cause horrific injuries, maimings, and death to innocent civilians.
New Zealand law is quite unambiguous on this issue,
Part 2, sub-part 1, Paragraph 10, Sub-paragraph 2 clearly states in unequivocal terms,
“A person commits an offence who provides or invests funds with the intention that the funds be used, or knowing that they are to be used, in the development or production of cluster munitions.”
Accordingly, this blogger wrote to Finance Minister Bill English – to which no reply has yet been received. (See: New Zealand’s OTHER secret shame)
Emails to the National Provident Fund and Government Superannuation Fund yielded this media statement being received on 14 December,
It seems inconceivable that legislation can be side-stepped so effortlessly, simply by employing a “third party” – in this case an investment strategy known as a “collective investment vehicle”.
I can think of no other legal situation where a person can circumvent the law simply by relying on a third party to commit an illegal act. At this point, conspiracy laws would surely kick in?!
No wonder Bill English has not responded to my email. This is a can of worms he doesn’t want within eyesight or earshot.
Especially when the law banning investment in cluster weapons – Cluster Munitions Prohibition Act 2009 – was actually legislation authored and passed by National, in 2009.
This blogger emailed a follow-up set of questions to Mr Tyler, cc’d to Finance Minister, Bill English,
1. By investing in certain “collective investment vehicles”, which are investing in corporations that manufacture banned cluster weapons, are not the National Provident and Government Superannuation Funds simply attempting to circumvent the Cluster Munitions Prohibition Act 2009 which specifically prohibits such investment practices “knowing that they are to be used, in the development or production of cluster munitions”?
2. Are you aware that you may be risking prosecution under the Cluster Munitions Prohibition Act 2009, and that your explanation that “the Authority has no control over the CIVs, however, nor over the corporate securities they hold” may not be a legal defence?3. Why does the National Provident and Government Superannuation Funds simply not switch collective investment vehicles?I await your response to these questions and hope that this issue can be resolved.Regards,-Frank MacskasyCC: Bill English, Minister of Finance
The longer these investments are allowed to continue, the longer our country is complicit in the use of a banned weapon that kills indiscriminately.
= fs =
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