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

 


Govt should just own Solid Energy collapse

David

SHEARER

Labour Leader
14 March 2013 MEDIA STATEMENT

Govt should just own Solid Energy collapse

Ministers should just own the role they played in the downfall of Solid Energy and give up their pathetic attempt to spin that it’s all down to the board, says Labour Leader David Shearer.

“This Government had its hands off the wheel. It let Solid Energy crash. Its incompetence and lack of oversight is costing taxpayers hundreds of millions and has crippled a valuable asset.

“Instead of taking responsibility, SOE’s Minister Tony Ryall keeps squealing that it’s all down to the board. He’s conveniently forgetting that it was ministers who urged Solid Energy to increase its debt and pay more dividends at a time when coal prices were tanking. What was the board supposed to do? Defy them?

“That pressure was confirmed by the company’s former bosses in a select committee hearing today, with former chairman John Palmer agreeing that the Government’s push to lift gearing to 40% was ‘wrong’.

“Tony Ryall keeps repeating that ‘it’s not the debt that is the problem’. But John Key said the complete opposite a couple of weeks ago when he claimed a key contributor to Solid Energy’s woes was that ‘they added gearing to a company that historically had not had gearing’.

“It’s time ministers dropped the excuses and fessed up their role in Solid Energy’s collapse. They’ve let Kiwis down and their sad attempt at a defence is an insult to all New Zealanders,” said David Shearer.

ENDS


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Scoop Editor "Ask me anything" : Scoop's 'Invisible Paywall'

Operation Chrysalis: The Final Countdown - Thanks & There's Still Time To Pledge

Phew! We are now counting down the hours to the end of this crowd-funding campaign at 11pm on Sunday. Thankyou to all those Scoop readers and supporters who have pledged already. You have been awesome. But this is not over yet. More>>

 
 

PARLIAMENT TODAY:

IPCA Reports: Significant Problems In Police Custody

In releasing two reports today, the Independent Police Conduct Authority has highlighted a number of significant problems with the way in which Police deal with people who are detained in Police cells. More>>

ALSO:

Inspector-General of Intelligence and Security: Inquiry Into GCSB Pacific Allegations

The complaints follow recent public allegations about GCSB activities. The complaints, and these public allegations, raise wider questions regarding the collection, retention and sharing of communications data. More>>

ALSO:

TPPA Investment Leak: "NZ Surrender To US" On Corporates Suing Governments

Professor Jane Kelsey: ‘As anticipated, the deal gives foreign investors from the TPPA countries special rights, and the power to sue the government in private offshore tribunals for massive damages if new laws, or even court decisions, significantly affected their bottom line’. More>>

ALSO:

Werewolf: The Myth Of Steven Joyce

Gordon Campbell: The myth of competence that’s been woven around Steven Joyce – the Key government’s “Minister of Everything” and “Mr Fixit” – has been disseminated from high-rises to hamlets, across the country... More>>

ALSO:

RMTU: No Public Submissions On International Government Procurement Deal

“The government is preparing to assent to the Government Procurement Agreement, a World Trade Organisation Treaty which opens up New Zealand Government contracts to foreign companies and closes the door on local businesses and their workers. However the Foreign Affairs, Defence and Trade Select Committee is refusing to take public submissions on the decision.” More>>

ALSO:

Gordon Campbell:
On Pacific Spying

So New Zealand spied on its friends and allies in the Pacific – and has not only been passing on the results to the NSA, but has apparently passed on the details of the Pacific’s relations with Taiwan to our other best friends, the Chinese. On the side, the Key government has also been using the security services to gauge the chances of Trade Minister Tim Groser landing the top job at the WTO... More>>

ALSO:

State Housing Transfer: Salvation Army Opts Out

The Salvation Army has decided against negotiating with Government for the transfer of Housing New Zealand stock.
More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news