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Government Betrayal Over Powerco Sale

21 October 2004

Government Betrayal Over Powerco Sale

Rt Hon Winston Peters has accused the Government of betraying New Zealanders by approving the sale of a majority stake in New Plymouth based Powerco to Australian Prime Infrastructure.

This follows the announcement by Finance Minister Michael Cullen that the purchase complies with New Zealand’s regulatory framework so the Government cannot credibly intervene to prevent it under the Overseas Investment Act.

Mr Peters said it was a sad day for New Zealand in that Labour showed that it was no different to National when it came to flogging off valuable publicly owned assets overseas.

“The Powerco sale has been a shambles from the outset and the people of Taranaki who held the majority stake through the New Plymouth District Council and Taranaki Electricity Trust were never properly consulted.

“This is the ultimate in economic stupidity. Swapping a valuable, cash rich New Zealand energy distribution company for a few pieces of silver and some junk bonds.

“Dr Cullen has let the country down and has shown that the ghost of rogernomics still stalks the Labour caucus.

“New Zealand First will put an end to these type of sales after the next election,” said Mr Peters.

ENDS


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