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Industrial Research losses must be explained

Industrial Research losses must be explained

National’s Research, Science and Technology spokesman, Paul Hutchison, says an inquiry is needed into the financial crisis facing Industrial Research.

He is commenting following revelations today that the CRI’s cash flow will soon be insufficient to cover its costs.

“Not only has Industrial Research had three successive years of losses, but its debt is very high, the CEO has resigned under a cloud and at least 42 staff have been shed,” says Dr Hutchison.

“The cost to Industrial Research, its scientists and support staff has been enormous. The Board and the Minister, Steve Maharey, must be held accountable.

“The Minister has ordered a limited inquiry which will not discover the shortcomings of either the Board or himself.

“A select committee inquiry should cover the Minister and the Board, and relate to governance, management and the processes that have led to the losses. The place of CRIs’ commercial activity in relation to the Crown Research Institutes Act should also be examined.

“The Minister appears to be underestimating the seriousness of the Industrial Research losses,” says Dr Hutchison.

Ends

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