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Timberlands Surprisingly Pays No Dividend - Again

Controversial SOE Timberlands West Coast Ltd have again announced they will not be paying a dividend to the government for logging publicly-owned native rainforests and pine plantations. The decision is published in Timberlands annual report tabled in parliament this week.

"For 10 years the state have been heavily subsidising Timberlands to clearfell and 'overcut' our rainforests. This period has seen Timberlands paying between $3 and $15 for centuries old native trees. If they couldn't make a financial return to the state in the past ten years by logging in the cheapest and most environmentally destructive way, then the state will never see a dividend," said Native Forest Action spokesperson Dean Baigent-Mercer.

"Any possible returns have been unscrupulously and immediately pumped into Timberlands' public relations budget aimed at lobbying politicians and buying local West Coast support through sponsorship to support the continuation and expansion of their native forest logging".

"Timberlands appears to be the Prime Minister, Minister of SOE and Minister of Conservation's favourite charity - all of them have have bent over backwards to condone or deny Timberlands unethical anti-environmental public relations campaign in current weeks. It seems Timberlands is the government's spoilt bratty child and no amount of misbehaving and embarressment will result in appropriate disipline", said Mr Baigent-Mercer.

"Since 1990 Timberlands have only ever paid one 'special divided' - $600,000 last year - and only because the Treasurer leant heavily on them. The dividend was financed by selling a subsiduary spagnum moss company. Offically they have never paid a cent in dividend to the government for their destructive native forest logging."


ENDS

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