Page 3626 - Week 12 - Tuesday, 19 October 1993
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Mr George Snow
MR WESTENDE (9.44): Madam Speaker, I was not going to speak on the adjournment, but I cannot let this opportunity go by without pointing out to those members that disagree with Mr Snow that the Snow Foundation has given hundreds of thousands of dollars in donations to worthy causes in this town. I point out to members that disagree with Mr George Snow that you can do that only if you can run a profitable operation. Mr Snow's brother is the chairman of the Capital Property Trust, and some 20,000 shareholders share in the wealth they created. When I was a very small public company and had 420 shareholders I had 420 very happy people. So have the Snows. Not only have the Snows made a lot of money, and they do not deny that, but they have shared it with those 20,000 other shareholders. It should never be forgotten that you have to have leaders. Without leaders, there are no followers. Without followers, especially followers that can make money - - -
Mr Connolly: When are you people over on that side of the house going to wake up to that?
MR WESTENDE: My dear friend, I had woken up to that long before you were even dreamt of. We had shareholders in a previous organisation that I belonged to and they were - - -
Mr Berry: Was that the Guide Dogs for the Blind - the one you and young Tony brought unstuck?
MR WESTENDE: Just a minute. That Mr Wright cannot run a company is not my fault. I resigned on the day he took over and in 18 months he sent it broke. I will tell you: When we took it over again and it was losing $3,000 a day, I could not make donations to charity. My donation to charity was to 22 employees who would have been out on the street. Do not ever forget that.
Mr Berry: What about John Louttit? Why did you sack him? Why did you sack Mr Louttit?
MR WESTENDE: I did not sack Mr Louttit.
Mr Berry: You did sack him. Everybody knows that you sacked him.
MR WESTENDE: I did not sack Mr Louttit. I am telling you that when you are losing $3,000 a day you cannot make donations to charity or to the Canberra Philharmonic Society or whatever. Only a profitable organisation can make those donations. I am not ashamed, nor do I resile from the fact, that I had enough faith in those 22 employees to know that they, with me, would get us out of the hole. We were a listed public company and, as such, you are always subject to takeover. We were taken over, which I regret to this very day; but at least not one of my shareholders lost any money. I once again point out to those people opposite that it is only people who make money who can share it with the less privileged, and most of them do so in one form or another.
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