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

 


Only perfect storm in Tony Ryall’s head

Clayton
COSGROVE
SOE Spokesperson
14 March 2013 MEDIA STATEMENT
Only perfect storm in Tony Ryall’s head

Tony Ryall claims Solid Energy faced a perfect storm but the only perfect storm is in his head, says Labour’s SOEs spokesperson Clayton Cosgrove.

“Tony Ryall claims that Solid Energy was facing a perfect storm. But he refuses to accept that demanding that a company facing falling revenue and coal prices should ramp up debt and increase dividends was a key factor in Solid Energy’s downfall.

“John Key himself says the increased gearing was one of three reasons Solid Energy collapsed. But it was his Government that demanded that Solid Energy increase its debt.

“John Palmer also confirmed that John Key has misled the people of New Zealand. John Key claimed that Solid Energy had asked the Government for a $1 billion capital injection. John Palmer said this never happened.

“The $1 billion capital injection is a pipedream of John Key as he desperately attempts to pass the buck. New Zealanders will see through it. The buck stops with the Prime Minister.

“National has constantly claimed there was nothing they could do to stop the collapse of Solid Energy. But John Palmer has confirmed that National minsters were fully informed of the state of the company but he received no direction or instructions to change tack.

“National ministers stood by while hundreds of jobs were cut across the country.

“Ministers had the powers to direct the company to change its investments, to reduce debt, to stop paying dividends or sack the board. In fact they asked the Board to expand coal projects, increase debt and pay out more dividends. Yet they now deny responsibility for their recklessness.

“National has pointed the finger at everyone else but it’s crystal clear that the blame lies at the heart of the Beehive,” says Clayton Cosgrove.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PM's Press Conference: Crime And Diplomacy

The Prime Minister's press conference today was dominated by foreign affairs and an open letter from the PM to the Chinese community on crime. More>>

ACC: Govt Caught In Unethical Cluster Bomb Investments

The ACC Fund admitted that it had $1.4 million invested in cluster munitions and nuclear weapons manufacturer Lockheed Martin. Before responding to the Green Party’s request for information,however, ACC sold its Lockheed investment and updated its ethical investment policy. More>>

ALSO:

Local Governments To Decide: Easter Trading Bill Passes

The union representing working people in the retail industry is condemning the Government for whipping its MPs to pass the controversial Shop Trading Hours Amendment Bill. More>>c

ALSO:

Departure Speech: Governor-General’s State Farewell Luncheon

"...Unfortunately I was unable to get to the Antarctic, the Chatham Islands and the Kermadecs. A dicky heart thwarted our travel to the Antarctic; and even though I volunteered to parachute into the Kermadecs to join the Young Blake expedition, time, commitments and officials frustrated my plans to visit the Kermadecs and Chathams." More>>

ALSO:

New Research: Most Homeless People Working Or Studying

“The cost of housing has been rising without corresponding increases in income, whilst the number of state houses per capita has been in decline. Many low-income people are missing out on housing, whether we recognise them as ‘homeless’ or not. More>>

ALSO:

Post-Traynor: New Offender Info Sharing Plan

“This Bill delivers on that step-change by moving away from name-based records held by individual agencies to a shared, anchor identity based on unalterable information, such as fingerprints and facial recognition. It also gives agencies access to the drivers’ licence photo database and birth, death and marriages information." More>>

  • NZ Law Foundation - New $2M fund for research on information challenges
  • Littoral: New Ship To Deliver Enhanced Naval Capability

    Defence Minister Gerry Brownlee says the Government has approved a Ministry of Defence and New Zealand Defence Force recommendation to request tenders for a new naval ship to support littoral operations. More>>

    July:

    After King's Labour Snub: Māori Party And Kiingitanga To Work Together

    Māori Party Co-leaders Te Ururoa Flavell and Marama Fox met with Kiingitanga representatives in Wellington yesterday to discuss working together on key issues for the betterment of Māori. More>>

    ALSO:

    Waitangi Claim On Rehabilitation: The 'Justus' System For Māori Not Good Enough

    Closing statements at the Waitangi Tribunal case against Corrections called for immediate steps and a comprehensive review to address the high rate of Māori reoffending. More>>

    ALSO:

    Advice: PM Sets Rules For Ministers' Treatment Of Public Servants

    Prime Minister John Key has laid down the law about the way ministers and public servants should interact, saying ministers may not always like the advice they receive, but they must listen to it carefully, respectfully and professionally. More>>

    Get More From Scoop

     

    LATEST HEADLINES

     
     
     
     
     
     
     
     
     
    Parliament
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news