1 NOVEMBER 2018

Callaghan Innovation CEO Vic Crone needs to front-up and explain the decision to give a loss-making Bitcoin start-up $315,000 of taxpayers’ money, says the New Zealand Taxpayers’ Union.

The Union’s Executive Director Jordan Williams says “Like a gambling addict or a formerly-successful sports star, Callaghan Innovation simply cannot be trusted with money. This is just the latest in a long line of mad bets and gambles with our money. The Projects Grants scheme should be shut down and Vic Crone should either explain how Callaghan Innovation improves taxpayers’ lives or leave her job.”

“We wish Sam Blackmore and his Bitcoin startup Vimba the best of luck in succeeding where many have failed, but the Government should not be gambling away our money on his private venture. Snuffing successful businesses with high taxes, while wasting money on picking trendy winners is economic lunacy. The best way to encourage innovation and economic growth would be to give all businesses a tax cut and cancel this sort of crony capitalism and corporate welfare.”

“In opposition Labour belitted this sort of corporate welfare. They should keep their word and scrap the Projects Grants scheme this was under.”

ENDS

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