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Calls for Qantas NZ shareholders to pay suppliers

23 April 2001 Media Statement

Support for calls for Qantas NZ shareholders to pay suppliers

Support for calls on Tasman Pacific's shareholders to pay some of the debts of Qantas New Zealand's shareholders…

The Auckland Chamber of Commerce today said many suppliers who continued to provide a service in good faith will lose out.

The Chamber wants shareholders to consider paying some of the outstanding debts.

Economic Development Minister Jim Anderton agrees.

"Shareholders knew for some time that the company was in trouble. I am sure they worked as hard as they could to stop the company from collapsing. But now the company has collapsed, these shareholders will walk away while the companies that supplied them in good faith have to take the losses.

"The amounts required are obviously substantial, but wouldn't bankrupt some of the individuals concerned. They have an ethical obligation to consider their position."

Jim Anderton noted that some of the shareholders in Qantas New Zealand have been bankroling the Act party to the tune of millions of dollars.

"If they can give millions of dollars to a philosophically bankrupt political party, then they should be prepared to honour their airline's commitment to suppliers."

ENDS

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