Thu, 21 Feb 2013 7:00p.m.
Solid Energy is almost $400 in debt and its sale is on hold, but the Government says it won't let it fail.
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26/02/2013 1:23:42 a.m.
A lot of companies have longer term bonus plans for CEOs as it is proven in industries that it is quite easy to make a profit over one or two years but over the medium term any short term cost cutting etc has an impact.
25/02/2013 3:57:22 p.m.
Instead on focusing on the bonus payments how the the much higher dividends they have paid the government over the last few years (2012 $30m, 2011 $20m and 2010 $54m)
23/02/2013 12:19:50 p.m.
Yep, that's the weak kneed, cynical kind of leadership under this govt, we've had to put up with Peter. National's about as business savvy, (more like business sneaky) , as three kids in a kindergarten playing 'shop',. But that's ok cos they have the govt coffers to run dry if (and when) their business ventures go wrong. Blatant corporate welfare at every opportunity..But ever notice how righteous they get if any of those govt funds are headed towards social services?...They're getting increasingly pathetic as the year goes on and more obvious about where their misguided priorities lie with every blundering fiasco they deal with.
23/02/2013 7:37:09 a.m.
Yep, that's the weak kneed,cynical kind of leadership under this govt,we've had to put up with Pete. National's about as business savvy as three kids in a kindergarten playing 'shop',(more like business sneaky). But that's ok cos they have the govt coffers to run dry if (and when) their business ventures go wrong. Blatant corporate welfare at every opportunity..But ever notice how righteous they get if any of those govt funds are headed towards social services?...They're getting increasingly pathetic as the year goes on and more obvious where their misguided priorities lie with every blundering fiasco they deal with.
22/02/2013 8:57:48 p.m.
22/02/2013 8:02:48 p.m.
I had a business failure and went bankrupt. I could not resign the week before. I could not print more money. In fact I had to ask permission to do anything for the next three years. I understand the reasons for that but I am sick of politicians failing to balance the books and borrowing on my behalf when if it were a business they would go under, I am sick of people like Don Elder, and Jenny Shipley who are as responsible as I was, abandon sinking ships without any permanent and damaging consequence to themselves. Sometimes ships do sink, thats part of life, but when they do the captain better not be watching from the shore. And the fact Don Elder was part of a group of "business leaders" advising on the chch cbd rebuild is beyond ironic. He is neither a businessman or a leader
22/02/2013 7:42:54 p.m.
Most SOE are bloated and inefficient regardless of who is the ruling party.
22/02/2013 2:35:27 p.m.
Yet another example of this govt paying out its cronies at the expense of the working class.
22/02/2013 8:28:50 a.m.
I'm sure that the government can stump up the $400? I'll buy it for that if they wont.
22/02/2013 7:41:14 a.m.
Jim Seaview wrote:
Solid Energy’s Debt is not surprising when you consider that June 2012 they paid out $11 Million in performance bonuses and 12 Months earlier they paid $12.5 million for performances bonuses to staff. We can assume that similar performance bonuses have been paid for previous years. Then last year they found out that they were over staffed and closed Spring Creek mine resulting in a loss of 200 jobs and they made 180 admin staff redundant from their Christchurch Head office.??? What did all these people do every day in one office apart from falling over each other while trying to find your desk?? Probably - calculating their performance bonuses. In the last decade they purchased $70 million worth of land covering lignite coal in Southland, without constructing any extraction or processing facilities or sales revenue. Then to top it off last year with the last piece of coal dust left in the petty cash tin they purchased Pike River mine. WHY has to be a reasonable question?????. Solid Energy is not a good example of an SOE State Owned Enterprise because they did not add value to our state asset and because of their ineptitude and incompetent Directors and top management they destroyed the West Coast coal community and the thriving coal industry and are blaming a fall in International coal prices which we all know now is more corporate lies when you COMPARE their performance to the Francis Group who are & have been exporting coal from the West Coast for over a century and last month announced they are now financing the great Crusaders Rugby franchise. The Francis Family started extracting coal from Reefton over 140 years ago and they today have both the history and expertise. Contd
Solid Energy has cut another 105 jobs, many at its head office, as it tries to stave off receivership.
Family members of the Pike River coal mine disaster victims are angry no government officials have been held accountable for the deaths.
Treasury has released hundreds of pages of official documents about debt-ridden state-owned company Solid Energy.
Stockton miners have blown the whistle on what they call a 'culture of extravagance' at the mine.
Key says people shouldn't "jump to conclusions" the Govt's plan to get the country back into surplus is in tatters.
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