Mr EDE - 1995-05-25
The minister will recall that the government has told this Assembly previously that the government is committed to extricating itself from the taxpayers' investment in Modular Medical Products. The minister will be aware that the government's announced plan would have seen Modular Medical Products buying out the government's investments, totalling $125 000 to date, and that process should have been proceeding at this stage at a buyback rate of $25 000 per quarter. When will the minister take action to honour the government's commitment to this Assembly in regard to Modular Medical Products given that the returns from Modular Medical Products show that the company has lost money in each of the last 4 years and has failed to have its accounts audited in any of the last 4 years, and that the government still owns more than 95% of the company?
ANSWER
Mr Speaker, quite clearly the Leader of the Opposition has not caught up with developments in relation to Modular Medical Products Pty Ltd and the commercial agreements that it has entered into with Chinese interests. Had he bothered to seek a briefing, he would have been apprised of the fact that the principals of the company have been negotiating with commercial interests in China to take out the equity of those principals and also the equity of the Northern Territory government ,which is represented in B-class shares.
Mr Ede: Unlimited, lost paper!
Mr STONE: You asked the question. Are you interested in the answer?
Mr Ede: You have not started the answer yet.
Mr STONE: I am telling you that there have been negotiations with commercial interests to acquire the B-class shares held by the Northern Territory government and also the equity of the remaining principals. I am happy to make ...
Mr Ede: Four years.
Mr STONE: The Leader of the Opposition interjects. I would have thought that, by this time, he would have come to some appreciation of the fact that, when you are doing business offshore, particularly in the People's Republic of China ...
Mr Bailey: No. The previous minister said 4 years ago that the company would start buying the government out.
Mr STONE: ... it does not happen overnight. Let me make it very clear to the Leader of the Opposition, over the top of the inane interjections from the member for Wanguri, that this project is on track to be taken out by Chinese interests.
Mr Ede: There will be no money left. They will all be bankrupt.
Page 601
Mr STONE: You can say that there will be no money left, but that is absolutely irresponsible.
Mr Ede: They will be bankrupt.
Mr STONE: It is absolutely irresponsible for the Leader of the Opposition to allege that the company will be bankrupt, particularly given that creditors of the company may be listening to this broadcast. He is behaving extremely irresponsibly when he makes those unfounded allegations by way of interjection across the Chamber.
Mr Ede: They have only to look at the financial returns.
Mr STONE: Let me make an offer to the Leader of the Opposition. I invite him to take advantage of a briefing to enable him to get is facts right before he trapezes in here to ask questions about matters that he does not understand.
Mr Ede: So their annual returns are not true?
Mr STONE: At the very least, seek a briefing, which we will be happy to give you.
Page 602
ANSWER
Mr Speaker, quite clearly the Leader of the Opposition has not caught up with developments in relation to Modular Medical Products Pty Ltd and the commercial agreements that it has entered into with Chinese interests. Had he bothered to seek a briefing, he would have been apprised of the fact that the principals of the company have been negotiating with commercial interests in China to take out the equity of those principals and also the equity of the Northern Territory government ,which is represented in B-class shares.
Mr Ede: Unlimited, lost paper!
Mr STONE: You asked the question. Are you interested in the answer?
Mr Ede: You have not started the answer yet.
Mr STONE: I am telling you that there have been negotiations with commercial interests to acquire the B-class shares held by the Northern Territory government and also the equity of the remaining principals. I am happy to make ...
Mr Ede: Four years.
Mr STONE: The Leader of the Opposition interjects. I would have thought that, by this time, he would have come to some appreciation of the fact that, when you are doing business offshore, particularly in the People's Republic of China ...
Mr Bailey: No. The previous minister said 4 years ago that the company would start buying the government out.
Mr STONE: ... it does not happen overnight. Let me make it very clear to the Leader of the Opposition, over the top of the inane interjections from the member for Wanguri, that this project is on track to be taken out by Chinese interests.
Mr Ede: There will be no money left. They will all be bankrupt.
Page 601
Mr STONE: You can say that there will be no money left, but that is absolutely irresponsible.
Mr Ede: They will be bankrupt.
Mr STONE: It is absolutely irresponsible for the Leader of the Opposition to allege that the company will be bankrupt, particularly given that creditors of the company may be listening to this broadcast. He is behaving extremely irresponsibly when he makes those unfounded allegations by way of interjection across the Chamber.
Mr Ede: They have only to look at the financial returns.
Mr STONE: Let me make an offer to the Leader of the Opposition. I invite him to take advantage of a briefing to enable him to get is facts right before he trapezes in here to ask questions about matters that he does not understand.
Mr Ede: So their annual returns are not true?
Mr STONE: At the very least, seek a briefing, which we will be happy to give you.
Page 602
Last updated: 09 Aug 2016