Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


NZ Post Asked to "Please Explain"

Sunday 1 Dec 2002 Rodney Hide Press Releases -- Governance & Constitution

National's Murray McCully and ACT's Rodney Hide have written to the Finance and Expenditure Committee asking that New Zealand Post CEO Elmar Toime be asked to explain why he told the committee that Transend had "made a good profit" when apparently it hadn't.

"Mr Elmar Toime assured the Finance and Expenditure Select Committee during its financial review of NZ Post on 12 December last year that, "In short order, Transend made a good profit in the year in question on operations" (2000/01 Financial Review of New Zealand Post Ltd, p.66).

"But the Dominion Post (November 27, 2002, page C4) reports, "New Zealand Post's controversial subsidiary Transend was losing money till three months ago and is now trimming more staff and overheads to make it profitable".

"The article goes on to report Mr Toime saying, "Transend had become profitable in the first (September) quarter. Before that Transend `hasn't made a profit as a stand alone business'.

"Yet Mr Toime told the Committee that Transend had "made a good profit".

"The matter is serious. It goes to the heart of the purpose of the financial review that the Committee was undertaking. The profit/loss of a major subsidiary should be a straightforward question for any CEO.

"Mr Toime's assurance of profitability served to allay somewhat members' concerns about Transend's disastrous performance in South Africa and the extravagant spending in Spain and England that were exposed during the Review. The Committee would no doubt have had further questions if it had realised that Transend was not profitable.

Hon Murray McCully and Rodney Hide have written to the Committee asking that the Committee seek an urgent explanation from NZ Post.

Both NZ Post CEO Mr Toime and former Chairman Dr Ross Armstrong are already before the Privileges Committee on a charge of having misled the Finance and Expenditure Select Committee over denying that they had a copy of the Kroll Report.

For more information visit ACT online at http://www.act.org.nz or contact the ACT Parliamentary Office at act@parliament.govt.nz.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>


Corrections Corrected: Supreme Court Rules On Release Dates

Corrections has always followed the lawful rulings of the Court in its calculation of sentence release dates. On four previous occasions, the Court of Appeal had upheld Corrections’ practices in calculating pre-sentence detention. More>>


Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>


General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Gordon Campbell: On Our Posturing At The UN

In New York, Key basically took an old May 2 Washington Post article written by Barack Obama, recycled it back to the Americans, and still scored headlines here at home… We’ve had a double serving of this kind of comfort food. More>>


Treaty Settlements: Bills Delayed As NZ First Pulls Support

Ngāruahine, Te Atiawa and Taranaki are reeling today as they learnt that the third and final readings of each Iwi’s Historical Treaty Settlement Bills scheduled for this Friday, have been put in jeopardy by the actions of NZ First. More>>


Gordon Campbell: On The Damage De-Regulation Is Doing To Fisheries And Education, Plus Kate Tempest

Our faith in the benign workings of the market – and of the light-handed regulation that goes with it – has had a body count. Back in 1992, the free market friendly Health Safety and Employment Act gutted the labour inspectorate and turned forestry, mining and other workplace sites into death traps, long before the Pike River disaster. More>>

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news