1/17/2005Poltech Drops Red Light Camera BusinessFailed red light camera maker Poltech drops cameras, renames itself and enters the energy business.
Failed red light camera contractor Poltech has emerged from bankruptcy and now is known as Northern Energy Company Ltd. A government audit has shown that Poltech was insolvent when it accepted a $1.8 million contract with the Victoria, Australia government for speed cameras that were proven to be faulty. Victoria is currently refunding motorists $26 million as a result.
The new company has sold its red light camera business and now focuses on coal exploration.Article Excerpt:
Northern Energy is the new name for Poltech International, and, as many will remember, it hit the headlines last year as the business at the centre of the defective fixed speed camera fiasco that cost the Victorian Government $26 million in payouts to drivers.
Source: Float Note (Sydney Herald Sun (Australia), 1/17/2005)Permanent Link for this itemReturn to Front Page