A couple of months back someone at CHB District Council decided it would be a great idea if the people of CHB were to invest $5,000,000 in the dam scheme. Given that they didn’t have $5,000,000 just lying around doing nothing this investment required CHBDC to borrow $4,000,000 to carry out this idea.
There were a number of citizens who made a submission opposing this grand proposition, including one I made myself. I also went and presented verbally to my submission and I have to give credit to CHBDC Councillor’s for genuinely listening. The questions asked were also quite probing.
The most important decision without a doubt was from local resident Paula Fern who raised the important issue of some councillors receive a pecuniary advantage from the investment. Personally I think this was the issue which lead to yesterdays out come which was to decline making the investment. It takes a lot of courage to speak out against the status quo in a small community such as CHB and kudos to Paula for doing so.
Of course following on from Trust Power and Ngai Tahu pulling out of the dam scheme gaining the additional $160,000,000 in institutional investment dollars is proving just a little problematic for HBRIC and it’s directors and CEO. It would seem that every time an outside investor gets to look closely at the books they run for cover, something the HBRC no doubt would have done if they had the privilege of seeing the same information.