Government Undermining Soe Act with Solid Energy Indemnity

Responding to the reports that Solid Energy made a loss of $182 million this year, and that the Government has indemnified the company’s directors, Taxpayers’ UnionExecutive Director, Jordan Williams, says:

“This isn’t health or education. Why is the Government risking even more taxpayers’ money to try and breathe life into failed coal mines?”

“Solid Energy’s business model is to turn to the taxpayer chequebook because it can’t stand on its own two feet. The Government should not be exposing taxpayers to even more losses. Let Solid Energy fail so the bleeding comes to an end.”

“The Government is completely undermining the State-Owned Enterprises Act by indemnifying Solid Energy’s directors. The purpose of the whole SOE model is to limit potential losses and make sure the companies have commercial constraints.”

ENDS

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