Govt knew of Solid Energy plans - PM

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

Relevant offers

National business

NZX offices get a facelift for the next decade Caniwi Capital buys hostel for $33m Burger King headquarters on the market Hunt on for retailers to fill shopping outlets Petrol 'watchdog' keeps an eye on Hamilton Google reveals trump card to build new headquarters in California Nelson designer's product brings order to the home 'Bugger' sheep billboards bring hope Business confidence takes a dive, but from high levels Jo Doolan: Budget takes aim at child poverty, but does it do too much?

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