The Warkworth boat building company which is owned by Larry Ellison’s Americas Cup team Oracle Racing, is refusing to comment on claims that it has received $17.25 million from the New Zealand Government’s Callaghan fund.
The MBIE website makes it pretty clear they received the grant.
The Warkworth company, Core Builders’ Composites built the boats for Oracle’s 2013 defence of the Cup and also sub contracted a number of New Zealand companies to help build the AC45 boats which were used for the primary series of races which took place around the globe.
The company would not discuss the grant today and the statement from the Ministry says the funding was part of Callaghan’s “grow” funding which provides 20 per cent public co-funding for qualifying firms’ eligible R&D expenditure, capped at $5m per annum.
Though some details of the funding has been on the MBIE website since April 13, a statement issued by the Minister of Business Development, Steven Joyce, on April 15 lists 14 companies who have received Grow grants this year but does not mention Core Builders.
Mr Joyce is currently travelling in South America but “Politik” is waiting for a response from his office to questions about the grant.
I just get so sick of this corporate welfare. This funding should have come from private investors. Oracle’s owner, Larry Ellison, is listed by Forbes magazine as the fifth wealthiest person in the world, with a fortune of $56.2 billion US dollars.