Media Release: National Distribution Union

Tuesday August 3, 2010

Feltex: what about the workers?

The union for textile workers says it’s only right and proper that the former directors of Feltex should have been investigated and prosecuted by the Registrar of Companies, following the company’s collapse.

The National Distribution Union represented 700+ Feltex workers who were made redundant.
 
“Hundreds of workers lost their jobs along with the thousands of investors who lost their money. Its right and proper that accountability is found,” said Robert Reid, General Secretary of the NDU.

“If as the Auckland District Court states it is not the directors who are at fault, then the spotlight must be turned on the auditors Ernst & Young, who allegedly checked the information provided by the company.”

“This once again raises the question about who audits the auditors,” Robert Reid said.

Ends.

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