John Key

Wellington, June 2 NZPA - Prime Minister John Key has been cleared over accusations he misled Parliament when questioned about the blind trust that holds his assets.

Labour MP Pete Hodgson laid a complaint with Speaker Lockwood Smith claiming Mr Key misled Parliament -- a serious offence.

Mr Hodgson alleged Mr Key misled the House when he said he didn't have access to his assets.

Mr Key rejected the allegations and released detailed legal advice about the Aldgate Trust.

Mr Key's office today released a letter from Dr Smith saying he had considered the complaint and found there was no case to answer.

Mr Hodgson said the Prime Minister's assets were in a parallel company, Whitechapel, which Mr Key has access to.

Mr Key said he didn't know what assets he held.

Mr Hodgson told reporters today he wasn't challenging the Speaker's ruling but the issue was not resolved.

"He's got himself a blind trust that is frankly wide open and it shouldn't happen," Mr Hodgson said.

"The only shares in Whitechapel are his."

Mr Key said there had never been a case to answer and as far as he was concerned it was closed.

He has previously said his shares were sold to the trustee company and he has no legal title to them nor any ability to influence what happens to them.