In February 1976, Muldoon implements an alleged pre-election secret agreement with Big Oil’s Shell/BP/Todd executives.
He removes the $3 per day oil levy for the New Zealand Refining Company, thus increasing oil companies’ profits by 100 percent at taxpayers’ expence.
Regarding future oil prospecting licenses, the Governent reserves the right to take 51% of any discovery without meeting exploration costs; this act effectively discourages further exploration and keeps the lid on the Great South Basin discovery.
Muldoon allegedly arranges a US$200,000,000 loan for Shell/BP/Todd unit Maui Gas Development.
In September, 1976, Brierly reportedly states “In New Zealand, the elimination of unnecessary competition is fundamental to a sound economy.”
Jones associate Pat Goodman is appointed as a consultant to Australasian and Pacific Holdings.
In November, 1976, National Insurance Co. (NZ) acquires 33 percent of Brierley’s City Realties.
National Insurance Co.’s largest stockholder is the US Firemen’s Fund, whose Chairman and President Myron du Bain is also Vice Chairman of American Express (Amex).
(Archie McCardell, Chairman of I. E. L.-linked International Harvester, is also an Amex director.
Amex has significant links to Chase Manhattan and Big Oil Sisters Mobil and Texaco.)
Du Bain is also a director of national Insurance Co.’s other major stockholder, the United California Bank, which is a partner in Commercial Pacific Trust.
National Insurance becomes a stockholder in Chase Manhattan’s Chase-NBA.
Brierley’s declared assets reportedly reach $100 million, with shareholder’s capital of only $2.5 million––all cash acquisitions.
In 1976, the Gilbert Islands, along with the Phoenix Islands, become the Republic of Kiribati, after Kiribati Atoll, where some of the Second World War’s bloodiest fighting took place.
The United States relinquishes all claims to the Phoenix Islands and the Line Islands, which the new nation incorporates.
