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

Gordon Campbell:
On The Kim Regime

During the Cuban Missile Crisis, the US had a very clear objective and eventually offered a quid pro quo of the removal of some of its own missiles from Turkey. This time, there’s no clarity about what the US is seeking, or offering.

It hasn’t helped that the US and the global media consistently agree on calling North Korea and its leadership “crazy” and “irrational” and urging it to “come to its senses”. When you treat your opponent as being beyond reason, it gets hard to comprehend what their strategy is, let alone work out the terms of a viable compromise. More>>

 

Recovery: Economic Impact Of Kaikōura Quake Revealed

The report details the impact on small businesses and tourism caused by disruptions to transport infrastructure and the economic impacts... The impact on New Zealand’s Gross Domestic Product (GDP) over the first 18 months following the earthquake has been estimated at $450-$500 million. More>>

ALSO:

Human Rights Commission: Urgent Need For Action On Seclusion And Restraint

Chief Human Rights Commissioner David Rutherford says that while the report makes for sobering reading, the focus should now be on how the recommendations can be used to reduce the occurrence of seclusion and restraint in New Zealand and, in circumstances where it is necessary, to improve practices. More>>

ALSO:

CORRECTIONS (March 2017):

SCHOOL SECLUSION ROOMS (2016):

$11bn Capital Spend, New Debt Target: Steven Joyce On Budget Priorities

First, delivering better public services for a growing country – providing all New Zealanders with the opportunity to lead successful independent lives... And finally, we remain committed to reducing the tax burden and in particular the impact of marginal tax rates on lower and middle income earners, when we have the room to do so. More>>

ALSO:

JustSpeak Report: Bail Changes To Blame For New Billion Dollar Prison

In 2013 criminal justice spending was falling and the Government was mulling over what to spend the money on. 3 years later there are 10,000 people in prison and a new billion dollar prison is announced. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news