Prime Minister John Key's son has been suggested again as a dumping ground for the worthless shares of senior National Party ministers.
Last week during question time, Mr Key was asked about his shares in Jackson Mining, an Australian company that does not operate in New Zealand, and he answered that he had tried to sell his shares.
"I bought the shares in 2001, and the last time I looked at them, from memory, was 2007 or 2008.
"At the time they were trading at 3.5c, and when I offered them to my son, who was 12 at the time, even he didn't want them."
Yesterday, blogsite thestandard.org.nz revealed senior minister Murray McCully held shares in Widespread Portfolios, a New Zealand-based investment company with mining interests here and overseas.
The Government is drawing up a discussion document about the prospect of mining in parts of the conservation estate.
Yesterday, Mr McCully downplayed the significance of the shares, saying he had tried to sell them and would continue to try to do so.
"They've been in my hands since about the year 2000.
"I declared them in the appropriate fashion.
"There are a total of 184 shares and their market value is approximately $31.63.
"I'll have to give them away.
"Maybe the Prime Minister's son will be interested.
"It's been an unmarketable parcel and I'll have to give them to somebody.
"If there are members of the press gallery, perhaps the social club, interested, I could give that consideration."
Mr McCully asserted there was no conflict of interest because he had declared his shareholding in the register of pecuniary interests, and had not been present in any Cabinet discussions about mining.
Mr Key confirmed Mr McCully's claim, saying Cabinet had yet to consider the possible opening up of the conservation estate.
The Cabinet Manual states ministers have to ensure that "no conflict exists or appears to exist between their personal interests and their public duty".
Opposition leader Phil Goff said any amount of shares in a mining company working in New Zealand represented a conflict of interest.
"Whenever there was a conflict of interest of any sort in the Cabinet that I was part of, a minister was expected to remove him or herself from the room immediately and not participate in those discussions."
By Derek Cheng - The New Zealand Herald
