The Editors Role

10 Oct

The editor has a few things to say in the letters to the editor today.

The editor forgot a few key comments about Mr Dennis.  He is a candidate for ICC and ILT (election period still Mr Editor).  He is also a trustee of the ILT Foundation.  He is also a trustee of the Southland Indoor Leisure Centre Trust.  I don’t know if he is Deputy Chair of Stadium Southland though.  Stadium Southland is a company owned by and operated by the Southland Indoor Leisure Centre Trust which receives ‘donations’ from the Southland Indoor Leisure Centre Trust.

Rather than arguing an error over the interest free nature of the loan maybe King and Dennis could answer the many times Mr Swallow has asked why ICC has continued to fund a stadium that was not operational.

And maybe Mr Dennis could explain why I have spent hours this week chasing up the Holdco annual report that was required to be made public by the Holdco directors BEFORE 30 September?  ICC have it and are not supplying it even though they have said they will and then retracted the offer.  I am told they do not want to give me the council printed and bound with string version but instead they expect me to wait for it to come back from the printer.  Who gives a s$%# how it is supplied.  Just supply it.  After that response I asked for the electronic version.  They are now not responding.  They have not told me when they will be back from the printer.

It is the Holdco directors responsibility under the LGA (end of year is 30 June)

67 Annual report

(1) Within 3 months after the end of each financial year, the board of a council-controlled organisation must deliver to the shareholders, and make available to the public, a report on the organisation’s operations during that year.

(2) The report must include the information required to be included by—

  • (b) its statement of intent.

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3 Responses to “The Editors Role”

  1. Philip T October 10, 2013 at 1:34 pm #

    They are being quite mischievous about this loan or no loan. If it is so straight forward why couldn’t the stadium just raise the loan itself? Perhaps the banks understand that it will never be repaid? So Holdco is using the cities assets to underwrite the loan. No problems there for a bank.
    The worst thing is the attitude that it is of no consequence to the ratepayers when they are using our assets and if it is not repaid the money will come from the trading arms of Holdco. That money is public money.

    • Kylie October 10, 2013 at 2:12 pm #

      Also worth mentioning is that the Stadium Trust deed requires the SBS Bank to appoint a trustee. Are SBS not willing to underwrite the loan?

      • Philip T October 10, 2013 at 6:43 pm #

        The controls around banking are a lot more stringent and transparent than often applies to other organisations such as Holdco. Any director conflict would be unacceptable and in this case it would be hard to separate the H&J and ILT connections.

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