Commerce Minister Lianne Dalziel yesterday announced the appointment of Donal Curtin as Deputy Chair of the Commerce Commission for a five-year term.
Watching Brief wonders if this is the same Donal Curtin who until last week was the chairman of troubled financial advisory group Vestar's investment committee.
News reports (http://www.nzherald.co.nz/section/3/index.cfm?c_id=3) say that forty-five Vestar clients are preparing a case against their former financial advisers, the directors of Vestar and its investment committee for giving them poor advice and ploughing millions into finance companies which have since hit trouble. Many were put into the same six finance companies - Bridgecorp, Capital + Merchant, OPI Pacific Finance, MFS Boston, St Laurence and Property Finance. OPI Pacific Finance and MFS Boston were owned by the same company that owned Vestar. The case is likely to include alleged breaches of the Fair Trading Act, which is monitored by the Commerce Commission.