Ports of Auckland, owned by the people of Auckland and managed on their behalf by Auckland Regional Holdings Company which is owned by the Auckland Regional Council which is elected by and represents the people of Auckland, made a net profit of $5.4 million profit last year. It sold Queens Wharf to the people of Auckland for $40 million who paid $20 million as taxpayers and $20 million as ratepayers for it to use as party central for the Rugby World Cup, the profits from which go to the New Zealand Rugby Union, owned by the New Zealand Rugby Union, which is heavily subsidized by the taxpayers and the ratepayers to run and host the Rugby World Cup from which they will make a handsome profit which they will spend on the New Zealand Rugby Union.
With me so far?
Now the Ports of Auckland has a bank loan of $105 million which it must repay by December of which the Auckland Regional Holdings Company will stump up $60 million out of $120 million cash reserves which it keeps to help out the Ports of Auckland and which came from $522 million worth of cash and land the Ports of Auckland claims it transferred to the Auckland Regional Holding Company and the Ports of Auckland is currently reporting capital debt of $500 million.
Can anybody see where this is going?
To Tauranga I hope.
Then Auckland will get its waterfront back from an organization which seems to have all the financial stability and benefits of a sub prime loan.
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