Ownership and Profits Disappear Offshore

An Observation by The OWL.

“but they get to watch ownership and profits disappear offshore” – EMPU 205 Newsletter

Extract from EMPU No. 205 Newsletter May 2011 (Source: EMPU Website)

Asset sales
The Government had signaled well before its Budget announcement that the sale of public assets was on the cards. It was confirmed in the Budget that the state owned energy companies Mighty River Power, Genesis Energy, Meridian and Solid Energy will be partially privatized if the Government wins the next election. The Government will also reduce its stake in Air New Zealand.

The sale of publicly owned assets is expected to raise about $7 billion over five years starting in 2012. The Government has said that New Zealanders would be given preference in buying shares, although brokers have warned that shares can easily be resold to institutions and end up in overseas hands. Not only do workers have to suffer the indignity of buying back what they already own – and in some cases have built with their own hands – but they get to watch ownership and profits disappear offshore.

Extract from EMPU 2011, 2010 and 2009 Financial Accounts. (source MED NZ Societies and Trust Office)

Investment Foreign Exchange Gain/(Loss)
2011  ($6,479.00)
2010  ($80,906.00)
2009  $152,709.00

“but they get to watch ownership and profits disappear offshore”.

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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

To read Cam’s previous articles click on his name in blue.