The Dunedin City Council's holding company yesterday reported a "steady" $5 million after-tax profit from the first six months of the financial year, as work on finding new directors begins.
The new director of Dunedin City Holdings Ltd has again put off answering questions about his work restructuring the company.
Changes to the Dunedin City Council holding company's statement of intent have been pushed through, despite concern from some councillors alterations to the document were dumped on them at the last minute.
The Auckland company director brought in to take control of the Dunedin City Council's group of companies following the sacking of the board of directors says it will be next year before concrete decisions are made on the companies' restructure.
The Dunedin City Council has sacked the board of the city's holdings company as Dunedin Mayor Dave Cull acted swiftly yesterday to implement moves ratified by the council the previous day.
As the Dunedin City Council shake-up of the governance of its companies begins, it should be asked if the council is, in fact, going far enough.
Directors of Dunedin City Holdings Ltd say they have delivered for the Dunedin City Council, despite being removed from their posts or forced to resign.
A major announcement about the future of Dunedin's council-owned companies is expected today, after political ructions that have soured city politics since July, and a behind-closed-doors meeting yesterday.
Dunedin City Holdings Ltd's under-fire governance structure is about to go under the microscope, but Mayor Dave Cull says the solution will be up to the Dunedin City Council.
The days of directors sitting on multiple Dunedin City Council-owned company boards are numbered.
A healthy profit and a multimillion-dollar dividend from the Dunedin City Council's group of companies does not appear to have saved board chairman Paul Hudson's neck.
The Dunedin City Council-owned company Citibus Ltd was sold for "in excess of $6 million", it was revealed yesterday. But the company took a $2.6 million loss on the sale. The...
Dunedin City Holdings Ltd yesterday reported an improved operating profit of $26.6 million for the year ended June, up nearly 9% on the previous corresponding period.
Dunedin City Holdings Ltd's (DCHL) debt continued to grow in the year ended June 30, but chairman Paul Hudson is confident the company's strong cash flows can service the debt.
The Office of the Auditor-general is considering investigating claims of dodgy loans, financial errors and conflicts of interest inside Dunedin City Holdings Ltd (DCHL) and two of its subsidiary companies.
A heated political storm has started after an announcement Dunedin City Council companies will not be able to come up with $8 million of dividends to help pay for multimillion-dollar spending.
A longtime opponent of Dunedin City Council spending policies says he is feeling vindicated by what he says is evidence of poor financial decisions by the organisation.
Hindsight is a wonderful thing, affording as it does the most glaring and uncompromising of perspectives. With the aid of a review of the Dunedin City Council's trading companies, it is now clear just how inadequate the governance structure of those companies had become.
Dunedin city councillors need to be "encouraged" to put more effort into keeping up with the financial details of the city's companies, a report to the council on Dunedin City Holdings Ltd says.
Dunedin City Holdings Ltd will still have to borrow money to fund reduced dividend payments to the Dunedin City Council.
