Cullen pays too much for trainset


Toll books $235m profit on Govt sale – New Zealand, world, sport, business & entertainment news on Stuff.co.nz

Michael Cullen has paid too much for his new taxpayer funded trainset.

Australia’s Toll Holdings says it had valued the train and ferry assets sold to the Government today $235 million below the price the Government has agreed to pay.

In a statement to the Australian Stock Exchange, Toll said it had an estimated book value of just $430 million on the assets sold. The Government has agreed to pay $665 million for the rail and ferry operations.

What a chump, desperate seller, only one buyer, he should’ve nicked it for heaps less. Bloody history lecturer playing with trains.

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