Boat repair loan is just gambling with taxpayer money

15 NOVEMBER 2018

Hon Shane Jones’ decision to loan $4.8 million to a Whangarei boat repair company is simply gambling with taxpayer money, says the New Zealand Taxpayers’ Union.

Taxpayers’ Union spokesman Louis Houlbrooke says, “Oceania Marine is a private business, that ought to secure investment the same way its competitors do: from willing private investors.”

“The banks decided that this company was not a worthwhile investment. That bodes badly for the poor taxpayer, who is now forced to shoulder the risk.”

“It’s incredibly disappointing to see the local National MP, Shane Reti, has voiced support for Shane Jones’ spending. National should be holding the Government to account, not joining it in playing favourites to private business with taxpayers' money.”

“This type of large-scale disregard for taxpayer money is what saw Shane Jones receive the Lifetime Achievement Award at our inaugural ‘Jonesie Waste Awards’. $4.8 million is a sum that deserves series public scrutiny. But, worryingly, Shane Jones spending so much that even the Opposition appears to be becoming numb to his waste.”

ENDS

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