Solid Energy was a vibrant state owned enterprise valued at $3.5 billion when National came to power in 2008. We know that because they wanted to sell 49 per cent so they set the price.

It is now a liability to the tune of $300 million after having had at least $130 million of tax payers money pumped into it to keep it going.

This government was charged with stewardship of our assets and what has it done – it has flogged off half our power stations and supervised the demise of the rest. Nobody has or will be held responsible for the state of Solid Energy.

In 2012 the company made a loss of $40 million, paid the government a dividend of $30 million and it's chief executive $1.4m salary. Does this sound like prudent financial management? Solid Energy then continued to borrow money to spectulate on hair brained schemes of it's chief executive. Where were the board of government appointed director? They don't care they have been granted immunity from responsibility by the present SOE Minister.

Now we come to a succession of Ministers holding that portfolio, few if any could organise a party in a brewery. They accept no responsibility. The price of coal has dropped, but this not the major reason for the sad state of Solid Energy. It can be laid firmly at the feet of the CEO, board of directors and ultimately the Minister of SOE and the incompetent government.

P Dolden Papamoa