Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


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.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Minister of Finance: Plan Shows $100 Billion Infrastructure Projects

Finance Minister Bill English has today launched the Government’s Ten Year Capital Intentions Plan (CIP) which shows a pipeline of $100.9 billion worth of infrastructure projects over the next decade. More>>


Werewolf: Safe Landings Gordon Campbell on the safety challenge to the Wellington runway extension.

The safety-related legal challenge revolves around the size of the 90 metre long Runway End Safety Area (RESA) being proposed for the runway extension. More>>


Environment Commissioner: We Need To Work Together On Climate Change And Farming

“The debate around agricultural emissions and the ETS has been polarised for too long,” said the Commissioner. “But the ETS is not the only way forward – there are other things that can be done.” More>>


NZ Super Fund: Seeking To Put A Market Price On Climate Change

Oct. 19 (BusinessDesk) - The New Zealand Superannuation Fund says it will devise a set of rules to assess investment winners and losers under climate change, a strategy that could rule out fossil fuels or producers such as current portfolio member Exxon ... More>>


Rejuvenation: Parata Will Not Contest 2017 Election

Education Minister and National List MP Hekia Parata has today announced that she will not be contesting the next election. She advised the Prime Minister of her decision earlier this year. More>>

Prisons Grow: Government Approves Plans For Increased Prison Capacity

Despite significant progress in reducing crime the number of prisoners has increased faster than projected. This is because the proportion of offenders charged with serious crimes has risen, meaning more people are being remanded in custody and serving more of their sentences in prison. More>>


Gordon Campbell: On Plastic Bag Activism, And Street Harassment

Amusing to see the Act Party experiencing another outbreak of young fogey-ism. What has aroused the ire of Act Leader David Seymour this time is the introduction of a Greens private members bill to the ballot process, calling for a 15 cents levy on plastic bags to reduce pollution. More>>


Unclear Weapons: US Navy Ship Cleared To Visit NZ For Navy's 75th

United States Navy ship, the USS Sampson, has been given clearance to visit New Zealand next month by Prime Minister John Key... “The process for considering the visit by the USS Sampson is the same as that used for all ships attending the International Naval Review." More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news