Govt knew of Solid Energy plans - PM

KATE CHAPMAN
Last updated 16:50 25/02/2013

Relevant offers

National business

Fishing vessel not authorised Christchurch firms warned over migrant fees Solid Energy gets $103 million lifeline Firms' tax avoidance steps taken by OECD Three-level Bunnings approved Lawyer struck off after client loses house Foodstuffs South Island hub converted Christchurch Airport profit drops Fletcher Building boss gets $75k pay rise Aussie CEO pay down but still too high

The Government knew of Solid Energy's failed diversification plans in 2009, Prime Minister John Key says.

The state-owned coal miner was wanting to become a natural resources company from about 2007.

National refused a capital injection of about $1 billion in 2009 but the company went ahead with "baby steps", Key said.

He said he would be surprised if the company was today worth more than it owed.

Problems within the company were discovered in 2011 when a scoping survey was conducted in the lead up the Government's mixed ownership model.

It wanted to sell up to 49 per cent in Solid Energy and other state-owned energy companies.

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content