Another Steve Joyce corporate welfare jobbie gone wrong

Steve Joyce just loved giving away government money with no prospect of a return.

He ran Callaghan Innovation as a corporate welfare slush fund.

Yesterday another recipient of millions in taxpayer cash from Callaghan Innovation has sold out and the shareholders have pocketed the cash themselves:

The offshore sale of a business receiving up to $25m in taxpayer funds is yet another example of the massive waste incurred from Callaghan Innovation’s corporate welfare spending, says the New Zealand Taxpayers’ Union.

Taxpayers’ Union Executive Director Jordan Williams says, “BBC Technologies is receiving up to $5 million a year in taxpayer-funded R&D grants, across five years. The company has now been sold to a corporate from the other side of the world, taking any taxpayer-funded IP with it.”

“Callaghan Innovation often wastes taxpayer money on companies that end up failing. But this example shows how even when they give money to a successful company like BBC Technologies, the taxpayer still loses. Despite investing millions, taxpayers won’t see a cent of the $67 million the company was sold for, and all the IP, which was to benefit New Zealand, will be emailed offshore.”

“This isn’t even the first time this has happened this month. Snowberry Skincare was sold to multinational corporation Procter & Gamble after also receiving Callaghan funds. It’s a predictable pattern of waste.”

Once again intellectual property developed in New Zealand, funded extensively with taxpayer money, has been sold offshore.

All that the government funding has done is enrich the shareholders and the taxpayer gets nothing for its “investment”. of course it isn’t an investment at all because there is no return to the government for its generous largesse.

Corporate welfare needs to end.


-Taxpayers’ Union

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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.

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