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


Last day contract extension for Solid CE

Spokesperson for SOEs
27 February 2013 MEDIA STATEMENT
Last day contract extension for Solid CE

Tony Ryall was receiving month-to-month monitoring reports on Solid Energy when former chairman John Palmer on his last day renewed chief executive Don Elder’s contract, says Labour’s SOEs spokesperson Clayton Cosgrove.

“Tony Ryall has been receiving information on Solid Energy ‘month-to-month’ since June last year. Since then the outgoing chair gifted a new contract to chief executive Don Elder on the chairman’s last day, August 31 last year. That presumably would have meant that the taxpayer would have paid out substantially more in severance pay a few months later when the chief executive resigned.

“Tony Ryall knew about this under the no-surprises policy. He would have known about it but he did nothing. Yet again he’s been asleep at the wheel.

“Tony Ryall has overseen a culture of excess. When a company is in dire financial difficulties they shouldn’t be paying out $23 million in bonuses.

“Yet today Tony Ryall ruled out an independent inquiry into the collapse of Solid Energy. New Zealanders need to know what happened to this company, what happened to taxpayers’ money and why the Government are trying to bury it.

“The collapse of Solid Energy wasn’t due to coal prices alone, it was due to serious mismanagement and lack of oversight by this Government. They knew about financial difficulties when they rejected a request for a $1 billion capital injection in 2009.

“They knew more in 2010 when there was a dispute over company valuations. By their own admission they knew even more in 2011 when their own scoping study to sell the company revealed even more financial difficulties.

“Despite all this and the minister receiving month-to-month monitoring reports in 2012 still the Government did nothing.

“National has run Solid Energy into the ground. John Key tried to lay the blame on the last Government but back then Solid Energy was an export award-winning company returning millions of dollars to the taxpayer, now it’s a train wreck.”


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



Gordon Campbell: On John Key’s Trip To Iraq

In the embedded press coverage on this trip, the absence so far of any evaluation of the wider context of what New Zealand thinks it is doing at Camp Taji has been striking. More>>


Labour: Parata Puts Brakes On Charter School Appraisal

“When the Ministry of Education recommended they compare the achievements of children at charter schools to those of their counterparts at state schools, the documents show Hekia Parata specifically prohibited them from doing so." More>>


Bad Day For Universities: Gun, Bomb Threats On Three Campuses

Dunedin Police are continuing their investigation into the threat made against the University of Otago. Staff are following a number of lines of inquiry, and police are working to verify the authenticity and source of the post. More>>


Gordon Campbell: On The TPP Deal Reached In Atlanta

Yes, the TPP has helped to knock a few points off the tariffs facing our exporters. Yet some of those alleged dollar gains may well have been made regardless over time – and without the negative baggage of the concessions in the non-trade areas (intellectual property, copyright extensions, investor-state dispute mechanisms etc) that the TPP deal also brings in its wake. More>> (Cartoon by Dave Wolland)

Public Summaries:


Wellington.Scoop: Serco – First The Prisons, And Now It Wants To Run The Trains

As the government continues its inquiry into Serco’s discredited administration of Mt Eden prison in Auckland, here in Wellington there’s further scrutiny of the British outsourcing company – because it’s competing to take over the running of our commuter trains. More>>


Pre-Signing: Gordon Campbell On The TPP Countdown

To date, the Key government has been unwilling to share any information about this TPP deal until it is too late for outraged public opinion to affect the outcome... the disclosure process is likely to consist of a similarly skewed and careful exercise in spin. More>>


Australia Deportations: English Relaxed On Immigration Centre Conditions

Labour's Annette King: “There have been numerous reports from inside these detention centres on just how bad conditions are... If they were being held in any other foreign jail, I imagine Mr English would be somewhat concerned. More>>


Schools: Achievement-Based Funding Would Be A Disaster

The Education Minister’s speech to the PPTA Conference raising the spectre of achievement data driving a new funding system would be disastrous, says NZEI Te Riu Roa. More>>

  • Video Out-Link - PPTA Annual Conference 2015 on Livestream (Q+A dicussion suggests funding would be directed to less successful schools.)

  • ALSO:

    ECE Report:

    Get More From Scoop



    Search Scoop  
    Powered by Vodafone
    NZ independent news