GWRC wants taxpayer bailout!

Stuff reports:

Greater Wellington Regional Council (GWRC) chairman Chris Laidlaw has vowed not to let CentrePort fail and warned the government may be asked to invest money into the quake damaged port.

CentrePort saw extensive damage to its wharf assets in the November 14 earthquake, while the future of one of its major commercial properties, Statistics House, is unclear, after two floors partially collapsed.

No, no and no.

First of all the port company has not been concentrating on core business but has set itself up as a CBD rival landlord. Why should one landlord get a bailout over all the others?

Secondly there is no reason the port needs to be owned 100% by GWRC and Horizons Regional Council. Port of Tauranga is hugely successful without being fully Council owned.

If Centerport has made some bad decisions, then that is a matter for Centreport and their shareholders. If it needs more funding, then they should seek debt or equity from the private sector, not come running to taxpayers for a bailout.