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Posts Tagged ‘Auckland local body elections’

ACC. Skycity. NZ Superannuation. What is the connection?

5 April 2012 3 comments

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ACC. NZ Super. Skycity.

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News tonight that Skycity donated $15,000 to Len Brown’s mayoral electoral fund in 2010, has rightly shocked many people.  John Banks, MP for Epsom, has reportedly received a similar amount  as a donation for his campaign.

See: Banks accused of undeclared donation

Whilst there is no suggestion, implication, or slightest hint at impropriety on either men’s part, it raises questions as to how far Sky City’s ‘tendrils’ reach.

A $15,000 donation to the Mayor of Auckland and to an Auckland MP raises eyebrows and is cause for concern.

This is important as Skycity is negotiating with National to build a new $350 million convention centre – in return for up to 350 to 500 addition gaming tables and pokie machines in Auckland’s casino. We’re talking serious coin here.

See: SkyCity would need at least 350 extra gambling machines for NZ$350 mln convention centre investment to be worth it, Goldman Sachs analyst says

This would require an amendment to existing legislation. It appears that National is seriously considering selling legislative change in return for a convention centre. Comments by Economic Development Minister Steven Joyce and Prime Minister John “Dear Leader” Key confirm suspicions that a deal in in the making,

When we were out announcing that we were doing a deal with Len Brown in Auckland…Len Brown knew as well that it will create 1,000 jobs in its construction, 900 jobs ongoing.” – John Key, 4 April 2012

Of course, no one is really sure what the terms of any “deal”  will involve. The negotiations are all being done in secret. The public is excluded from any possible debate – because we don’t know what is being negotiated by Key & Co.

See: As clear as mud

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Sky City’s involvement in the 2010 mayoral race is not the sole extent of their involvement in New Zealand society and economy.

According to the Companies Office, two government bodies have extensive share-holdings in Sky City,

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Source

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Which raises questions regarding why ACC and NZ Super Fund are investing in a company that, essentially, makes it’s profits from vice and causes considerable social problems and human misery with gambling addiction,

  • ACC works with people who have suffered physical and mental injuries, sexual assaults, and other highly stressful events in their lives. ACC legislation contains an ethical investment clause; Section 272/2/i, that “the Corporation’s investment statement, being a statement of policies, standards, and procedures that must include a statement relating to ethical investment for avoiding prejudice to New Zealand’s reputation as a responsible member of the world community“.
  • NZ Super Fund is also bound by legislation (New Zealand Superannuation and Retirement Income Act 2001, Section 61/D) to undertake “ethical investment, including policies, standards, or procedures for avoiding prejudice to New Zealand’s reputation as a responsible member of the world community“.

As well,  ACC is bound by legislation not to engage in activities that might cause injury to people in the community,

Part 7 Accident Compensation Corporation
263 Prevention of personal injury
  • (1) A primary function of the Corporation is to promote measures to reduce the incidence and severity of personal injury, including measures that—

    • (a) create supportive environments that reduce the incidence and severity of personal injury; and
    • (b) strengthen community action to prevent personal injury; and
    • (c) encourage the development of personal skills that prevent personal injury. “

Arguably, gambling addiction  is a considerable social problem in this country. For ACC to be investing in a casino would appear to conflict with both sections 272/2/i and 263/1 of the Act.

There is nothing remotely ethical about investment in gambling. Just as it would be unethical to invest in arms manufacturing, tobacco and alcohol production, or prostitution. Whilst nominally legal, such commercial activities regularly result in death, injury, sickness, abuse, violence, and exploitation.

It seems that New Zealand’s ethical and moral compass is severely skewed when the State – representing ordinary New Zealanders – invests in vice.

The law is being broken, and government is doing nothing about it.

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Acknowledgement for “tip off” on ACC and NZ Super Fund investments in Sky City

‘Spacemonkey’

Previous Blogposts

John Key has another un-named source???

NZ’s 21st Century Growth Industries – Drugs, Gambling, & Prostitution

Drugs & Gambling – NZ’s 21st Century Growth Industries?

References

Accident Compensation Act 2001

New Zealand Superannuation and Retirement Income Act 2001

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