Jenny Shipley to retire from position as China Construction Bank NZ Chair to deal with ‘personal and legal matters related to the Mainzeal case’

Jenny Shipley.

Former Prime Minister Jenny Shipley will “retire” from her position as Chair of China Construction Bank New Zealand at the end of the month.

The announcement follows the High Court last week upholding claims of reckless trading against Shipley and other former directors of Mainzeal, which went into liquidation in 2013.

Shipley was ordered to pay creditors $6 million, having allowed the company to trade while insolvent.

A statement from China Construction Bank New Zealand said Shipley believed it was “in the best interests of the company” that she retires as of March 31, the end of the current reporting cycle.

The statement said: “After stepping down from this Board Dame Jenny intends to put her energy into dealing with personal and legal matters related to the Mainzeal case and to spending more time on her private business and philanthropic interests and to speaking here and offshore on a wide range of topics…

“Dame Jenny said she was extremely proud to have served on the Board of CCBNZ since its establishment 5 years ago and of its many achievements including the recent securing of a Branch banking licence,” the statement said.

“Dame Jenny served as a director of the Hong Kong and Shanghai listed China Construction Bank global board for six years from 2007 to 2013 at a crucial time in its development.

“Today China Construction Bank is the 5th largest bank in the world by market cap.”