11 Feb 2013

Labor Chose The Board That Chose To Invest In Big Tobacco

The Federal Labor government put pictures of dead people on cigarette packs so why have Tasmanian Labor invested $27.19 Million in tobacco? It's too convenient for Lara Giddings to claim her government are not investing in big tobacco because the state-owned Retirement Benefits Fund makes their own decisions. The fact is most of the RBF board are 'Nominees of the Minister'. Tasmania has had a Labor government for decades so everything the RBF does is with the approval of the Labor government. The RBF were there when the government needed them to buy Hobart Airport at a massively inflated price. Their partner in the scam was the dubious Macquarie Bank. Pretty convenient having an ex-treasury head like Don Challen (above) on the RBF board when the government needs to remove cash from the savings of their own employees? 'Labor values' eh Lara? 
"THE Retirement Benefit Fund’s $99.8 million investment in the Hobart International Airport again has proved disappointing with no dividend on the investment in 2011-12.
While partner Macquarie Global Infrastructure pocketed $2.2 million in management fees, the RBF received nothing on behalf of Tasmanian superannuation investors because of a crippling debt burden".
So why did that story by Nick Clarke disappear from the Mercury? We found it on Tasmanian Times here. The RBF even tried to cover-up their $50 Million loss on the airport deal. That was exposed by the Auditor-General. Lastly, notice the gutless waffle from Liberal Mathew Groom on their FOI information on tobacco investments by the RBF? He supports it just like they support every other corrupt practice in Tasmania. As for Lara she says it would be 'inappropriate' to tell the RBF board not to invest in big tobacco. That shouldn't worry Lara because it was even more 'inappropriate' letting a drunk Deputy Premier drive her around before he blew over the limit.

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