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Speaker 1: Now B and Z we need to talk about them

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Speaker 1: heading to the Court of Appeal tomorrow in a bid

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Speaker 1: to get permission to close the accounts that Gloria al

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Speaker 1: has got with them. Jenatib Tranny as the Herald's Wellington

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Speaker 1: business edits are in with us. Now, how do your name?

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Speaker 2: Hey?

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Speaker 1: Now, currently A B and Z wants to close them,

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Speaker 1: but currently there's an injunction that's stopping them from doing that.

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Speaker 1: Is the court case tomorrow going to resolve that injunction situation?

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Speaker 2: Yeah, that's right. So there is an injunction in place

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Speaker 2: that is preventing B and Z from closing Gloria Vale's accounts.

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Speaker 2: Tomorrow there'll be quite quite a big day really for

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Speaker 2: this in the Court of Appeal. The Court of Appeal

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Speaker 2: will decide whether B and Z can get rid of

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Speaker 2: that injunction and whether B and Z can just close

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Speaker 2: the accounts or not. Now. If not, then this thing

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Speaker 2: will carry on and the case will continue to trial

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Speaker 2: and that trial will figure out, well, does B and

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Speaker 2: Z have the right to decide who it does business with,

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Speaker 2: have the right to to get rid of Glory Ofvale

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Speaker 2: if it thinks Gloria of Oalve doesn't meet its human

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Speaker 2: rights policy, which is is bean Z's argument, isn't there.

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Speaker 1: Already a precedent for this stuff? Like I mean, I remember,

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Speaker 1: if I remember correctly, kee We Bank also deciding not

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Speaker 1: to bank a whole bunch of businesses that had some

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Speaker 1: sort of tie in with mining or some some sort

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Speaker 1: of climate change stuff.

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Speaker 2: Yeah, that was actually with money remitters. That was quite

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Speaker 2: a few years ago. There was a situation where money

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Speaker 2: remittance firm took kee We Bank to court because Keepy

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Speaker 2: Bank wanted to close its accounts because of anti money

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Speaker 2: laundering laws. Keepy Bank said, well, you know, if we're

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Speaker 2: going to comply with money laundering rules, we need to

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Speaker 2: be able to know where the money is coming from

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Speaker 2: that is coming to the bank and who it's going to.

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Speaker 2: And with a money remitter, it can be hard to

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Speaker 2: really know, you know, exactly where that money is coming

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Speaker 2: from and whether it complies with anti money laundering. So

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Speaker 2: keep Bank won that case, you know, and the court said, well,

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Speaker 2: keep Bank, you know, it's a business, it can decide

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Speaker 2: who it does business with. The legalities with this gloria

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Speaker 2: of our situation, there's a different legal argument being made,

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Speaker 2: and it's largely around whether around this human rights policy

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Speaker 2: that ben Z has. But I mean, I think this

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Speaker 2: is going to be a really big deal because you know,

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Speaker 2: Gloria Vale needs a bank to survive, like it has

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Speaker 2: quite major farming operations, its entire community. You know, it

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Speaker 2: kind of still needs to operate in the world that

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Speaker 2: we live in, and you know you need a bank

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Speaker 2: account for that. No other banks want anything to do

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Speaker 2: with Gloria Vale. They struggle to get another bank to

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Speaker 2: bank them back in twenty twenty two when be and

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Speaker 2: zz It wanted out. So you know, I think that

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Speaker 2: if Gloria Vale loses this case, it will put its

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Speaker 2: viability on the line even more. I'm not too sure

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Speaker 2: who else would want to bank it. And I mean

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Speaker 2: the broader effects for the financial world quite substantive too.

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Speaker 2: You know, if banks can decide, if they have more

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Speaker 2: leeway to decide exactly who their bank and who they

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Speaker 2: don't bank, because I mean, realistically, you need a bank

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Speaker 2: to you need someone to bank you to function in

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Speaker 2: today's society.

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Speaker 1: Yeah. Yeah, it's almost like it feels like it's bordering

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Speaker 1: on some sort of a right, isn't it like a

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Speaker 1: have a right to housing, a right to food, a

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Speaker 1: right to shelter, a right to a bank account.

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Speaker 2: Yeah, well that's the thing. And you know, for these

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Speaker 2: people in Gloriavale, they're vulnerable. And if Gloria Vale doesn't

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Speaker 2: have access to a bank, you know, that affects vulnerable

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Speaker 2: people in the community. But at the same time, banks

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Speaker 2: are businesses and they have to comply with pretty strict

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Speaker 2: rules around money laundering for example, like we talked about

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Speaker 2: before with Kiev Bank, and also rules around like sanctions

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Speaker 2: and various environmental and social commitments and so on. And

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Speaker 2: I mean, Gloria Veil's track record is terrible that there

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Speaker 2: are court cases going through, you know, in terms of

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Speaker 2: labor rights and sexual abuse and all sorts of things.

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Speaker 2: They don't have a clean track record to say the

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Speaker 2: very least. So you know, I think this is a

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Speaker 2: really interesting case. It'll be in the Court of Appeal

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Speaker 2: tomorrow and then I suppose we'll have to wait wait

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Speaker 2: a while for the judgment to come.

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Speaker 1: In here too, right, Hey, Jina, thanks very much, really

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Speaker 1: looking forward to seeing what they've got to say. It's

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Speaker 1: genetib Trainey, the Heralds Wellington Business Editor. For more from

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Speaker 1: Heather Duplassy, Allen Drive listen live to News talks'd B

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Speaker 1: from four pm weekdays, or follow the podcast on iHeartRadio