Katene calls on Hubbard to take ownership

te-pati-maori

Thu Apr 07 2011 12:00:00 GMT+1200 (New Zealand Standard Time)

Katene calls on Hubbard to take ownership

Thursday, 7 April 2011, 11:40 am
Press Release: The Maori Party

Katene calls on Hubbard to take ownership

Those responsible for putting South Canterbury Finance into a position that saw a massive Government bailout , which could have been spent on reducing poverty, should step up and take responsibility, said Maori Party MP for Te Tai Tonga Rahui Katene.

“Our party had questions about the Government approving the bailout in the first place, but the board and management of the company and the scheme must also take ownership and work towards creating solutions as well,” Mrs Katene said.

Monday's release of the Crown Financial Statements exposing a $331 million deterioration in the value of the SCF assets has been a massive shock to the economy - and makes a substantial dent in the $2 billion of taxpayer funds Government is holding to offset its payout to investors in failed firms.

“I'm sure Mr Hubbard never intended for any of this to happen but the challenge is for all involved to now move on, take responsibility and come up with workable solutions.”

“The sad thing about all of this is that low income taxpayers throughout the country have been made the sacrificial lambs, and yet no one is calling for the board and management of SCF to take responsibility.

ends

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