Solid Energy silent on secret multi-million dollar settlement
Solid Energy officials remain tight lipped about their out of court settlement with former sub contractor HWE.
The state owned company set aside a provision of $8.5 million for the dispute in its most recent half yearly report.
It was announced this week a deal has been reached, but how much the taxpayer-owned company is paying is being kept under wraps.
"We have reached an agreement and the terms of that agreement are confidential, and both parties are pleased to have settled," Solid Energy executive Vicki Blyth told NBR Online.
Asked whether it could be inferred the amount was around the $8.5 million set aside, Ms Blyth says, "it may be less, it may be higher. But it is subject to a confidential agreement."
Solid Energy's full report is to be released in less than six months and the full amount of the payment is unlikely to be able to be withheld, under accounting rules, at that point.
The dispute between the two arose over the operation of the Rotowaro Mine in North Waikato near Huntly. HWE was the preferred contractor at the mine, but that contract expired last year and Stevenson Mining took over as preferred contractor.
Rob Hosking
Thu, 22 Mar 2012
Thu, 22 Mar 2012
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Solid Energy silent on secret multi-million dollar settlement
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