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Toll Holdings 3rd place well-deserved

Media Release
Wednesday, 8 March 2006

Toll Holdings 3rd place well-deserved

“Toll Holdings well-deserves the third placing it received in the annual Roger Awards announced yesterday” said Stephnie de Ruyter, Leader of Democrats for social credit.

“Toll is a fine example of the potential for corporate exploitation and manipulation resulting from off-shore ownership of New Zealand’s essential infrastructure.

“Its operation of our rail network has been an expensive exercise for taxpayers with our government agreeing to fund the Toll-neglected upgrade of rail tracks to the tune of $200 million plus agreeing to provide additional funds for special projects.

“Fortunately Toll is not broke: it still managed to find the spare change to buy Singapore Rail and last year made a modest $41.41 million profit.

“Surely the time has come to admit that private sector ownership of essential infrastructure does not deliver for the people of New Zealand. Companies like Toll Holdings are profiting at the taxpayers expense” Ms de Ruyter said.

Organised by CAFCA and GATT Watchdog, the Roger Award is presented each year to the multi-national corporation operating in New Zealand deemed by the judges to be the worst. Ms de Ruyter noted that it was a sad indictment on the calibre of the finalists that Toll Holdings only managed a third place.

“That there are corporations operating here in a way which is deserving of a higher place in the Awards is a sobering indeed.

“The Award’s organisers are to be congratulated on their determination to bring poor corporate behaviour to our attention. And Toll is to be recognised for its third placing in such an ignominious contest” Ms de Ruyter concluded.


ENDS

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