Director of Monorail Company Resigns

Submitted by savefiordland on

John Beattie, Director of Fiordland Link Experience  - Monorail Bid Company resigns

The following news story is from the Southland Times:

 
This latest development raises new questions about the Fiordland Link Experience concession application:
 
* The developer is admitting that they do not yet have the money to build the monorail, citing 'discussions with international parties for funding' (Southland Times reporter's words).  Who are these 'international parties', and how much money are they needing to secure from them?
 
* Why is the monorail bid company seeing the resignation of one its key Directors and vocal advocates at this time?  The reason given is "internal adjustment due to the receivership of Pegasus".  What on earth does this mean?
 
* The developer says ""The monorail project will not even start, one dollar won't be spent until there is enough money raised for the complete construction and operation of that monorail".  That much is obvious - what is less clear is: How on earth did this proposal ever get 'Approval-in-Principle' from DOC in the first place?
 
* From the Pegasus receivership link, to the recent resignations of Directors, to the obvious lack of the required backing, this proposal is looking increasingly like a farce, with the granting of the concession highly likely to result in an attempt to 'flip' it on to another developer for a quick profit.  How could this proposal have gotten this far, unless it is nothing more than a 'sweet deal for mates'?  Why has DOC and the Government let it get past first base?
 
The following are the official company listings for Fiordland Link Ltd, Riverstone Holdings Ltd, Infinity Investment Group, and Pegasus Town Ltd: