Council keeps Central Plains Water afloat

Selwyn District Council has made another loan to an irrigation company that has $16 million in accumulated losses.

The council has agreed to lend another $5 million to Central Plains Irrigation, a company set up about 10 years ago.

This comes on top of more than $2 million of council funding, according to the 2011 annual report, loans of more than $1 million from Dairy Holdings, plus share capital of nearly $5 million.

It has also obtained central government funds. Accumulated losses stand at $16 million, the last annual report shows.

 

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