September 21st 2002


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Articles from this issue:

COVER STORY: Iraq: America's dilemma

EDITORIAL: Is there an answer to recurrent drought?

Singapore-style super scheme: interest stirs in ALP

AGRICULTURE: Cane farmers reject sugar package

Straws in the Wind: Boat opponents / The house that Don built

Indonesia: Who are the terrorists in West Papua?

COMMENT: Australia-US free trade: MAI through the back door?

Washington trade deal (letter)

Telstra sell off (letter)

Child abduction: parents beware (letter)

Community banks expand (letter)

Character in public life (letter)

REGIONAL AFFAIRS: East Timor: the challenge ahead

Media ownership and control: the next step

UNITED STATES: Greenspan hoists the white flag on economic policy

DOCUMENTATION: Can Professor Trounson's statements be trusted?

ASIA: The Philippines: no cause for optimism

BOOKS: Radical Students: The Old Left at Sydney University

Books promotion page

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Telstra sell off (letter)


by K.V. Matthews

News Weekly, September 21, 2002
Sir,

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




























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