Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Rotten Politics and Commercial Skulduggery

Rt Hon Winston Peters
New Zealand First Leader

29 November 2013

Rotten Politics and Commercial Skulduggery

New Zealand First has challenged the Government to come clean on whether it will liquidate Learning Media Limited (LML), which will put mum and dad investors seriously out of pocket by more than a million dollars, or give honest creditors an assurance that the Government will now act in good faith.

Rt Hon Winston Peters says the Government must confirm that it will not put pressure on Learning Media Limited, a State Owned Enterprise, to liquidate the company knowing full well that the liquidator, because of the Government’s past actions and now inactions, won’t have the money to settle with creditors.

“This is despite the Government arranging extra capital to pay out Westpac, a foreign owned bank, in full.

“The pathetic excuse from the Ministers of Finance and Education that Learning Media Ltd ‘is operationally independent from shareholding Ministers’ doesn’t stand scrutiny when:
• These two Ministers appointed the Media Learning Ltd Board.
• These two Ministers changed the contract rules under which Learning Media were operating to the SOEs serious detriment.
• These two Ministers then, in a sordid debt paying arrangement, agreed to raise the capital of LML so that one foreign owned creditor would be paid out in full.
• These two Ministers arrogantly refuse to explain this preference for one creditor over others.
• These two Ministers know the LML offer to settle a fraction of the debt to Anaro Investments screams cronyism when compared to Westpac.

“The Minister of Finance has written to Anaro Investments Limited, saying that ‘he is unable to assist’.

“This is a total cop out. He was able to assist Westpac to get their debt paid, so why is Anaro Investments, the landlord of LML different? Why is Westpac so influential on the Minister of Finance?

“Ministers English and Parata are 50% shareholders in Learning Media Limited. If they aren’t responsible then who is?

“Kiwi mum and dads deserve honest answers from this Government and they are not getting them.

“This is rotten politics and commercial skulduggery all in the same Ministerial package and should be exposed for being just that”, says Mr Peters.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Why Raising Corporate Taxes Has Become A Hot New Political Cause

Surprisingly, “raising taxes” has become a very fashionable political idea in 2021. That’s right. After decades of being seen (at best) as a necessary evil, higher corporate taxes are now being treated as the Great Good Thing that will revive the US economy, re-distribute wealth productively, help to build neglected and decaying public infrastructure, fund public health, address social inequality, restore a sense of community and generally make everyone feel better about the society in which they live... More>>

 

Government: Delivers Next Phase Of Climate Action

The Government is delivering on a key election commitment to tackle climate change, by banning new low and medium temperature coal-fired boilers and partnering with the private sector to help it transition away from fossil fuels. This is the first ... More>>

Government: Independent Experts To Advise On Post-Vaccination Future

The Government is acting to ensure decisions on responding to the next phase of the COVID-19 pandemic are informed by the best available scientific evidence and strategic public health advice. “New Zealand has worked towards an elimination ... More>>

Travel: Trans-Tasman Bubble To Start 19 April

New Zealand’s successful management of COVID means quarantine-free travel between New Zealand and Australia will start on Monday 19 April, Prime Minister Jacinda Ardern announced today. Prime Minister Jacinda Ardern and COVID-19 Response Minister Chris ... More>>

ALSO:


Health: Drug-Testing Law To Be Made Permanent

Interim legislation that is already proving to keep people safer from drugs will be made permanent, Health Minister Andrew Little says. More>>

World Travel: New Zealand Temporarily Suspending Travel From India - PM Jacinda Ardern

Travel into New Zealand from India - including for New Zealand citizens and residents - is being temporarily suspended because of high numbers of Covid-19 cases. More>>

Finance: Crown Accounts Again Better Than Forecast

Hon Grant Robertson Minister of Finance The economic recovery from COVID-19 continues to be reflected in the Government’s books, which are again better than expected. The Crown accounts for the eight months to the end of February 2021 showed both OBEGAL ... More>>

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels