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Mighty River’s dividends will go offshore

Clayton Cosgrove
Spokesperson for SOEs

21 February 2013

Mighty River’s dividends will go offshore

Mighty River Power’s dividend of almost $70 million to taxpayers will be halved if the Government continues to push through the sale, says Labour’s SOEs spokesperson Clayton Cosgrove.

“Mighty River is going to pay out $67 million to the Government, which is a real benefit for taxpayers. Selling a profitable business is selling out the taxpayer. Especially when borrowing costs are so low. It’s simply a stupid business decision.

“In his trading days if John Key had sold a business that rakes in tens of millions to pay off part of a 3.5 per cent loan Merrill Lynch would have fired him.

“There is no way John Key would have entered into a deal like this in the private sector. He is letting his pride and political vanity get in the way and all Kiwis are losing out.

“Selling off state assets is always a bad idea. Selling them when they are profitable and paying dividends that will be sent offshore is lunacy.

“Over 370,000 New Zealanders have signed a petition to halt asset sales. The Government needs to listen to public and economic reason,” says Clayton Cosgrove.

ENDS

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