Telstra sell off (letter)by K.V. MatthewsNews Weekly
, September 21, 2002
How can the Federal Government sell off its remaining share in Telstra when it has left T2 shareholders with shares worth $2 less than its issue price, as a result of its Board's poor investment decision-making in Hong Kong and the local Foxtel operations?
Foxtel is a huge black hole in Telstra's annual report. All we know is that Foxtel has some 750,000 subscribers paying $700 in annual fees, producing an income of about half a billion dollars annually, but not one cent comes into Telstra's accounts.
Talk about Enron/WorldCom! Where has all the money gone, if not into the accounts of its largest shareholders?
Who pays for Foxtel's advertisements in News Limited's newspapers? Who accounts for them? Every issue seems to have a huge advertisement by Telstra. Is this how they distribute Foxtel's money?
Australians are entitled to know what happens to Telstra's money.K.V. Matthews,
Somerton Park, SA