ENZA Must Give Frucor Proceeds To Growers
Concerns are today being raised over ENZA's decision to give growers just over half of the $27 million it recently received for the sale of its Frucor Beverage business.
ACT Rural Spokesman Owen Jennings said it's ominous ENZA is now talking of only paying out $15 million of the $27 million it received from the sale. "Growers urgently need this money. It will be the difference between bankruptcy or survival for some," he said.
"Growers will be alarmed to learn that ENZA is holding back some $12 million of growers own money. Where is it going? Growers have a much greater need of propping up their own balance sheets than ENZA.
"That money should be back in growers pockets. It should not be spent on overseas jaunts or grandiose schemes like the white elephant in Napier and the Chilean debacle.
"ACT believes growers should get more of the proceeds from the Frucor sale- and get them urgently. Why not all the net return paid out as soon as the Bill is law. The Bill going through Parliament will allow for this to happen," said Owen Jennings.