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Home / Technology

MPs scrutinise Terralink collapse

31 May, 2001 11:40 PMQuick Read

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Over the next few days a powerful political spotlight will be focused on the collapse and sale of Terralink.

Tomorrow, Parliament's primary production select committee is due to hear evidence on the Terralink accounts when it went into receivership.

The committee is also understood to have completed a draft of its long-awaited report into the sale of Terralink's profitable property services division to some of its own managers.

Last year, when that investigation was initiated, committee chairman Damien O'Connor expressed concern at the sale of a crown investment to a "bunch of ambitious managers."

Meanwhile, the committee has to decide on a request from Act MP Stephen Franks to extend its investigations into the way Terralink itself was sold.

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Mr Franks said that given the criticisms surrounding the sale, Parliament needed to act "to ensure we retain our reputation for transparency and utmost integrity in state asset sales."

Full text of the High Court judgment: Ocilla Investments Limited (Plaintiff) and Richard Dale Agnew and Gary Traveller as Receivers of Terralink Limited (First Defendants) and NZ Aerial Mapping Limited and Animation Research Limited (Second Defendants)(Requires the free Adobe Acrobat Reader)

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