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MediaWorks Deal Another Giant Ripoff
Rt Hon Winston Peters
New Zealand First
Leader
17 June 2013
MediaWorks Deal Another Giant Ripoff
Rt Hon Winston Peters says the soft “technical” receivership and financial restructuring of MediaWorks will cost taxpayers millions in unpaid taxes and once again show that New Zealand is at the mercy of foreign financiers.
It was reported today that MediaWorks lenders are in the box seat to take control of the heavily indebted broadcaster, appointing receivers and embarking on a plan that will leave Australian private equity owner Ironbridge Capital out in the cold.
The lenders include Westpac Banking Group, Rabobank, RBS Group, TPG Capital, Oaktree Capital and JP Morgan.
Mr Peters says MediaWorks should have been placed in statutory receivership and the soft “technical” receivership has been designed to benefit overseas banks, foreign financiers and hedge funds.
“Remember MediaWorks were given extended time to pay their licence fees (now paid) and technical assistance. After that government generosity they have ripped off taxpayers by $22million in unpaid taxes.
“As well, international contracts taken up by the broadcaster will not be honoured under this new deal so once again New Zealand’s name will be dragged through the financial mud.
“This shonky deal should simply have been stopped in its tracks but foreign financiers obviously get preferential treatment under this Government,” says Mr Peters..
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