Why is ACC investing in satellites?

I read with increasing increduality this morning that the Accident Compensation Corporation is investing millions of our money in a satellite.
[quote]The ACC has taken a 25 per cent stake in privately-owned firm NZLSAT which hopes to launch a satellite into space with the possible backing of the Defence Force, which may become a $100 million customer.

NZLSAT got the green light from the Government in 2005 to put a satellite into orbit in a space reserved for New Zealand by the United Nations, 158 degrees east of the Meridian.

The company was set up in 2003 by the Economic Development Ministry’s former manager of radio spectrum, Katharine Moody and Auckland businessmen Paul Hannah- Jones and Alan Jamieson, who between them still own half of the company. They hope to launch a satellite by 2010 at an expected cost of US$165 million.

ACC took a quarter share in NZLSAT late last year, as did investment bank ABN Amro, according to records held by the Companies Office.[/quote]

WTF, why is ACC spending our tax dollars investing in Russian technology for a satellite that has only a "possible" customer?

It sounds like a rort to me.

 


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