Telstra-'Richard Li's Big Sucker.'

Date: 21 February 2003

Telstra CEO Ziggy Switkowski's announcement of the billion-dollar write-down of its investment in Pacific Century Cyberworks comes as no surprise to the Telstra union, the CEPU. Len Cooper, Victorian Secretary of the Communications Union and Telstra board candidate has been highlighting the folly of this venture for several years.

Telstra's most lucrative market always has been and will be at home. And this most recent overwhelming financial loss, at the expense of the Australian telecommunications infrastructure proves what the CEPU has been warning of in regards to the privatisation of Telstra.

It is an absolute scandal that 50'000 Telstra & NDC workers have been made redundant since June 1996, to supposedly preserve funds for overseas expansion.

This flawed strategy has resulted in a lack of investment in the network in Australia. Telstra has now squandered billions of dollars on failed international 'ventures'. Funds that should have been directed to the employment of skilled workers in Australia, and in building and maintaining services to Australians, especially regional and rural areas.

Heads should roll at the top of Telstra, starting with the CEO and board and a new direction chartered.

Friday, 21 February 2003

For Comment contact: Len Cooper on 0438 389302

For further information

Contact:	Len Cooper
Union:	CEPU Victorian branch
Phone:	03 9387 3703
Contact Mobile:	0438 389302
WWW:	http://www.cepu.asn.au

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