Buy-Out A Hi-Jack
New Zealand First Primary Production spokesperson, Doug Woolerton has welcomed the decision of the primary production Parliamentary select committee to investigate the buy-out of Terralink.
“The profitable property services arm of the State Owned Enterprise Terralink was sold to a consortium of senior staff. The consortium threatened to walk out and deny the company of their expertise unless it was sold to them. These guys put pressure on the Board to sell, and the Board folded,” said Mr Woolerton.
“The decision to sell was opposed by the taxpayer watchdog CCMAU who recommended against the sale. The Minister of the day who was responsible, Hon Tony Ryall was weak in permitting the sale to go ahead” Mr Woolerton said, “and the taxpayer is the loser. The Minister could have said no, and should have said no.”
“I look forward to the investigation commencing,” said Mr Woolerton.