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

 


Genesis fire sale: asset sales net under $5b

Genesis fire sale: asset sales net under $5b

The last of National’s failed asset sales is yet another fire sale – with this time the Government ruining the books of Genesis,Labour’s SOE spokesperson Clayton Cosgrove says.

“It is now official: National’s asset sales policy has failed. At the last election John Key promised Kiwis the sales would raise between $5 billion and $7 billion.

“Selling Genesis off at $1.55 a share will raise little more than $700 million, leaving John Key more than $300 million dollars short of his $5 billion to $7 billion asset sales target. That’s failure by any standards, especially given Morningstar valued 50 per cent of Genesis at $900 million.

“The brokerage, legal and PR fees run into well over $100 million.

“Asset sales were mad economics driven by political vanity. To top it off the Government has used the sales as a slush fund, linking them to every new policy while spending it on the likes of failed SOE Solid Energy, advertising materials for the sales themselves, more money for the failing UFB project and the bonus scheme for Mighty River Power.

“National promised the sales would pay for new assets. Instead they have been used to pay for the Government’s mistakes.

“National’s other broken promise was to put Mum and Dad investors at the front of the queue. Now we know that just nine per cent of shares are going to normal Kiwi families – the rest are going to institutions here and overseas.

“John Key promised the world to Kiwis from asset sales. Kiwis trusted him then – they will be much more cautious now,” Clayton Cosgrove says.

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gaza.Scoop: Another Israeli Attack On A Hospital

Israeli tanks attacked Al Aqsa hospital in Deir Al Balah, killing five patients and doctors, and injuring more than 70.

The third and fourth floors, housing the emergency department, orthopaedic department, surgical department, and the Intensive Care Unit (ICU) were destroyed. Operating theatres had to cease work because of the lack of oxygen.

Patients are being evacuated to Shifa Hospital in Gaza City, and the European Gaza Hospital between Rafah and Khan Younes. More>>

 

Parliament Today:

Red Tape: Local Regulations Go Under Microscope

The Government says it is accepting nearly all of the recommendations the Productivity Commission has made on ways to improve local regulations. More>>

ALSO:

Gordon Campbell: On The Non-Apology To Tania Billingsley

The refusal by Prime Minister John Key to issue a personal apology to Tania Billingsley has been accompanied by an array of excuses... Yesterday though, Key’s choice of words indicated that an apology was the last thing on his mind. More>>

ALSO:

Conventions: Winston Peters On The Nation

Winston Peters opens door to standing in East Coast Bays electorate, says it's an "exciting point" and he's thinking about it. "I’ve had a whole lot of people writing to me and calling up and saying ‘why don’t you have a go in East Coast Bays’." More>>

ALSO:

Waitangi Tribunal: Report On The MV Rena

In its interim report, the Waitangi Tribunal has found that the Crown’s conduct in response to the grounding of the MV Rena on Otaiti (Astrolabe) reef breached the principles of the Treaty of Waitangi. More>>

ALSO:

Gaza: Wellington Protest For Palestine Calls For End To Bombing

Around 300 people gathered outside the Israeli Embassy in Wellington on Friday to protest Israel’s occupation of Palestine. More>>

ALSO:

Gordon Campbell: On The Failure To Prosecute The GCSB

So one hand of the state – the Independent Police Conduct Authority – has now washed the hands of its brother agencies, and declared that all hands are clean. Case closed. More>>

ALSO:

Illegal Search: Police Behaviour 'Reminiscent Of Tūhoe Raids'

"Māori will lose further trust and confidence in the New Zealand Police and the Independent Police Conduct Authority (IPCA) if the recent incident in Stratford is not adequately addressed. This behaviour would not occur in Epsom or Khandallah so why should police think that such behaviour was acceptable in Stratford," says Chris McKenzie. More>>

ALSO:

Gordon Campbell:
On The Dotcom Emails

The Dotcom residency decision fails any number of sniff tests... Why, then, was it approved? Here we get into the realm of the “INZ being under political pressure” to approve Dotcom’s application. More>>

ALSO:

Gordon Campbell: On The Shonky Police Statistics, And The Israeli Air Strikes On Gaza

When people systematically alter how being statistics are recorded in order to gain personal and organisational advantage, that’s usually when the Police get called in. Yet in the case of the burglary statistics in Counties-Manakau, it was the Police doing the fudging and – at the time – it was then-Police Minister Judith Collins claiming the credit... More>>

ALSO:

'Clean Rivers': Green Party Launches Key Election Priority

The Green Party will make a series of announcements over the course of the election campaign in which it will outline the specifics of how it will clean up our rivers and protect our beaches. In the first of these announcements the party launched its plan for clean rivers. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news