KiwiRail wrap-up of iReX ferry project will cost $671m
Taxpayer-funded full and final settlement of $144 million with Hyundai was ‘only fair’, Winston Peters says.
Govt will pay $144m as full and final payment to Hyundai for the cancelled build.
Exiting New Zealand’s 2021 agreement for two new ferries with Hyundai Mipo Dockyard will come at a "full and final" settlement of $144 million, taking the final cost of KiwiRail's ill-fated iReX project to $671m.
The original contract, signed under the prior Labour-led Government, was for $551m
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