7 November 2002 Media statement

Hide just plain wrong

“Rodney Hide is going for perfect score of being wrong all of the time,” said Economic, Industry and Regional Development Minister Jim Anderton reading another odd release from Rodney Hide.

“Ericsson Synergy didn’t get $1.6 million. They received $355,000 which produced $7 million of foreign exchange and a significant international contacts and knowledge for the New Zealand company Synergy.

“They failed to qualify for any more funding as they didn’t meet further milestone requirements including employment targets, due to the international downturn in telecommunication companies.

“The grants were smart grants which protected NZ taxpayer money by ensuring payment was tied to the achievement of milestones, which included employment targets. As a result of this $355,000 of Government funding was provided out of a possible $1.6 million, which would have been paid if all employment and revenue milestones had been met,” said Jim Anderton.

ENDS

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