Parliament

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

 

Last day contract extension for Solid CE

Clayton
COSGROVE
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.”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Back Again: Government Approves TPP11 Mandate

The Government has approved a negotiating mandate for Trans-Pacific Partnership 11 (TPP11), which will ensure New Zealand businesses remain competitive in overseas markets.

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

.

 
 

Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>

ALSO:

Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>

ALSO:

Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>

ALSO:

Treaty: Agreement In Principle Signed With Moriori

“The Crown acknowledges Moriori was left virtually landless from 1870, hindering its cultural, social and economic development. The Crown also acknowledges its contribution to the myths that the people of Moriori were racially inferior and became extinct." More>>

ALSO:

Susan Devoy: Call For Inquiry Into State Abuse Reaches UN

Race Relations Commissioner Dame Susan Devoy is in Geneva and has asked a United Nations committee to urge the New Zealand government to initiate an inquiry into the physical and sexual abuse of children and disabled people held in state institutions. More>>

ALSO:

(Not National): Cross-Party Agreement On Pike River Re-Entry

The commitment was signed this afternoon by the leaders of Labour, United Future, The Maori Party, and the Green Party and, together with the earlier commitment by New Zealand First, means that there is now a Parliamentary majority behind the families’ fight for truth and justice. More>>

ALSO:

Earlier:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election