The Auditor-General will question the chief executive and former chief executive of crown-owned Solid Energy( SOE) about how the company came to be in a unstable financial position where a number of people lost their job.
Labour's SOEs spokesperson Clayton Cosgrove has welcomed the decision saying it will provide some answers to those 700 people who lost their jobs as a result of its near collapse.
The Auditor-General is called by the opposition parties to inspect that how Solid Energy has landed in such an enormous mess.
An after-tax loss of more than $335 million dollars for the 12 months ending June has been reported by the state-owned mining company.
The state-owned coal miner is in debt of $381 million and is discussing with its bankers to make an effort in securing a deal to decrease it.
Spokesman Bernie Monk on behalf of families appealed for an answer for three major accidents held at West Coast namely the Brunner, the Strongman, the Pike. The Royal Commission inquiry was presently investigating the underground explosion at Pike River, which resulted in deaths of 29 people.
The Green Party today expressed that plowing up the reserves of lignite in Southland shall be increasing global greenhouse gas emissions. Don Elder, CEO of state-owned Solid Energy stated in their yearly conference yesterday that taking out the low grade coal lignite shall be cutting down global emissions.
The Green Party greeted news in the present day that Solid Energy has pull out its plea against Hydro Development Limited's (HDL) resource give permission to construct a power station on the Stockton plateau.
Green Party conservation spokesperson, Kevin Hague expressed that ultimately, they have a new idea for smart new power generation on the West Coast.
Solid Energy, the state-owned coal miner reported its full-year earnings ended on 30 June 2010. It achieved the net profit after tax of $67.8m, despite facing the losses worth $6.5m in the first half of the year. The profit has slumped
39% from the last year’s net profit of $110.8m.
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