Miles Valentine

Corporate Bludgers sell out


More corporate welfare bludgers have sold out offshore despite millions in taxpayer cash which off shore owners will now benefit from. How come there is outrage from The Greens and Labour over some clapped out rubbish farms in the Central North Island being sold to off shore owners but nary a squeak about corporate welfare beneficiaries selling to offshore interests?

Selling companies to Americans is fine but farms to the Chinee is outrage?

What perplexes me is why these corporate tech “entrepreneurs prefer to risk taxpayers money rather than their own as they expand their businesses, and then they have the cheek to pocket the coin lie they are genius investors.

Telephony software maker Zeacom has been sold to Canada’s Enghouse Systems for $US30 million

Zeacom says its fiscal 2012 revenue was $US29million.

Founder and CEO Miles Valentine would not give specific numbers, but Friday afternoon he told NBR ONLINE the company, which he founded in 1994, “Is nicely profitable and has been for years.”

A sale to offshore buyers can mean disappearing local jobs, whatever promises are initially made (Navman’s consumer business being a classic example).

Offshore investment can help a New Zealand-founded company expand globally and increase the number of local jobs.

But the annoying thing here is that, again, we’re looking at a company that’s received millions in government grants – which a North American owner will now benefit from.

Right Hemisphere, which received an interest-free loan of more than $10 million among other government backing, is another prime example. It is now owned by Germany’s SAP.