Taxpayer bucks backing US billionaire

Kiwis will be horrified to know they are backing a Team Oracle subsidiary owned by a US billionaire, Labour’s Sports and Recreation spokesperson Trevor Mallard says.

It has been revealed today that a Warkworth boat building company, which is wholly owned by Larry Ellison’s America’s Cup team Oracle Racing, may have received millions of dollars in funding from the Government’s Callaghan Institute.

“National’s current research and development system picks winners. It is ironic that in this case they are picking an off shore-owned competitor of Team New Zealand to be the winner.

“Under a tax credits system, all New Zealand companies investing in R & D would be rewarded for their investment, not just a handful selected by Callaghan.

“This is yet another example of questionable grants from this organisation. It follows Callaghan’s dubious decisions to fund Chatham Rock Phosphate and Trends Publishing.

“The Government should be backing Kiwi-owned and operated businesses not mega-wealthy American yachties,” Trevor Mallard says.