National's Election Hoarding's 3 | The Jackal

17 Oct 2011

National's Election Hoarding's 3

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In March this year, it was reported that The Government gave MediaWorks a $43.3 million loan from the Crown:
According to the accounts, which MediaWorks is obliged to file with the Companies Office because it is overseas-owned, the private company is paying 11.2 per cent interest on the money, which has been granted for just over four years.

Telecommunications Minister Steven Joyce yesterday said the money was not a loan, but a deferred payment system to help the radio industry during tough times in 2009.
It was then revealed that the Minister for Communications and Information Technology, Steven Joyce knew it was a loan, and had personally signed off on the loan, the official advice was not to give the loan to Mediaworks and the repayment structure was very generous indeed.

Could this corporate welfare have something to do with Steven Joyce being the previous owner of the company?