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24 Feb 2020 21:03
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  •   Home > News > Business

    The Northland Regional Council could be facing a 820-thousand-dollar hole in its pocket

    The Northland Regional Council could be facing a 820-thousand-dollar hole in its pocket


    It loaned Resource Enterprises Limited the money in 2014 for a Marsden Point timber mill.

    But it's not traded since May 2017, its lease was cancelled last month, and its missed two quarterly interest payments.

    Council CEO Malcolm Nicolson says it was a decision made in the wake of the Global Financial Crisis.

    He says it was seen as a way to stimulate the Northland economy - but the council's since stopped loaning to private companies.

    The loan, now recorded as an impairment loss, is due to be paid in early March.

    © 2020 Newstalk ZB, NZCity


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