Hon Tony Ryall

Minister for State Owned Enterprises
19 June 2012 Media Statement
Remember When - Part One

“Remember when Labour sold New Zealand Steel to Equiticorp for $327 million? This 1988 sale was pushed through Parliament under urgency.

Remember when Labour sold Petrocorp to Rossport Investments in 1988 for $801 million? Again, rushed through under urgency.

Remember when Labour sold Post Office Bank to ANZ Banking Group in 1989 for $665 million? – again approved under urgency – and no select committee hearings.

In just three years, Labour sold over 15 state assets for almost $10 billion to the highest bidders.

Who voted for these asset sales without telling the public about their plans at the previous election?

Phil Goff. Annette King. Trevor Mallard. And the rest of the Labour Party.

The same people who are now criticising the National Government’s mandated, long signalled, partial share offer to New Zealanders.

ENDS

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