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The fiasco of the now-deceased Ansett airline just won't go away for Air New Zealand.
The NZSE market surveillance panel had been satisfied the airline met the requirements of its listing rules - but now wants to know if the Australians have anything on Air New Zealand that they don't.
The Australian Securities and Investment Commission also let Air New Zealand off the hook earlier this month, saying there is no sound basis for instituting proceedings in respect to insolvent trading or possible breaches of directors' duties.
However, the ASIC is now focused on the adequacy of the airline's disclosures made to the market regarding its financial position in the lead-up to September 12.
Now an Air New Zealand shareholder has the NZSE market surveillance panel asking questions again.
The panel is asking Air New Zealand what information ASIC might be acting on.
ASIC spokesperson Kate Harvey says the organisation was conducting an investigation and so can't disclose anything about it until it has completed its probe, at which time it will make its findings public.
Harvey says the investigation might take till the end of May.
On Thursday Air New Zealand admitted it does not know of any extra information ASIC may have and was surprised by the NZSE panel's request.
NZSE spokesman Philippe Leloir says there is no suggestion that Air New Zealand's response is not correct and it will have to wait and see what ASIC says.
The Australian parliament is considering the Corporate Responsibility and Employment Security Bill, introduced in the wake of the Ansett collapse.
Air New Zealand chief executive Ralph Norris says: "Quite apart from the questions surrounding the constitutional validity of such legislation, any such law would signal to all investors in Australia, whether domestic or international, the kind of treatment they can expect in Australia if their investments fail.
"Air New Zealand strongly doubts that the bill will be passed but should this occur, any claims by creditors will be very strongly resisted".
Air New Zealand is also on the lookout for another Ansett backlash. The airline says it is monitoring the progress of a private members bill in the Australian parliament that could impose restrospective liability on companies for all debts of a subsidiary.
It says in the unlikely event the Corporate Responsibility and Employment Security Bill is passed, it will strongly resist all claims by Ansett's employees and other creditors.
Air New Zealand paid $187 million to Ansett's administrators to settle its liabilities towards Ansett.
Source: RNZ/nzoom
