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Solid Energy $40m loss down to inept oversight

Clayton COSGROVE

SOEs Spokesperson

28 February 2013          MEDIA STATEMENT

Solid Energy $40m loss down to inept oversight

Solid Energy’s $40 million hit the half year shows the desperate position the state asset is in and the need for far better ministerial oversight, says Labour’s SOEs spokesperson Clayton Cosgrove.

“SOEs Minister Tony Ryall has thrown in the towel after his asset sales programme fell apart. We need a decent replacement and fast.

“The $40 million loss this half year for Solid Energy shows just how important it is to have a proper plan in place for the SOE.

“National’s neglect ran Solid Energy into the ground and turned it from and export award winning company into a basket case. This awful half year result can’t be completely blamed on low coal prices – those could have been negated years ago if the Government had been on the ball.

“Mark Ford has his work cut out for him. He needs the support of a competent minister, not one dancing off into the sunset,” Clayton Cosgrove said.

ENDS

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