Parliament

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

 

National gives away a further $130 million on Genesis sale

17 April 2014

National gives away a further $130 million on Genesis sale

National have sold New Zealanders short by significantly under-pricing Genesis Energy, Green Party Co-leader Dr Russel Norman said today.

Genesis Energy shares immediately went up $0.26 (or 17 percent) on listing today, showing the market valued the company significantly higher than the Government’s selling price.

“New Zealand tax payers have missed out on an additional $130 million of revenue by the National Government mispricing Genesis Energy,” Dr Norman said.

“John Key promised up to $10 billion of proceeds from his asset sale programme. Total gross revenue is now less than half that at $4.68 billion.

“National's cornerstone economic policy – asset sales – has been a complete failure.

“National should have listened to the people of New Zealand and stopped selling the last of our remaining assets.

“One of John Key's legacies as a Prime Minister will be that he ignored overwhelming public opposition to pursue his economically reckless policy of selling our assets.”

The costs of selling 49% of Meridian Energy, Mighty River Power, Genesis, and Air New Zealand have been $550 million to date.

“National predicted 250,000 'mum and dad' investors for each sale, but New Zealanders refused to buy what they already own and most of the retail shares went to a wealthy few,” Dr Norman said.

“National said that asset sales would improve competition in the electricity sector; in reality, power prices have continued to rise even as demand has fallen.

“National promised we’d be better off as a result of the sales, however the lost dividends from our assets will leave a $150 million-a-year hole in the government's accounts forever.

“The truth is, National is bad with managing our money,” said Dr Norman.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Fallout From The Barclay Tape

This is hardly a case of cleaning out your desk and being turfed out onto the pavement.

As others have pointed out, the disgraced Clutha-Southland MP will remain on the public payroll for three months until the election, and for three months afterwards. More>>

 

Ombudsman: Canterbury Schools Reorganisation Mishandled

An investigation into the Canterbury schools reorganisation after the February 2011 earthquakes has found significant gaps and flaws in the Ministry’s engagement and communications with schools and communities. More>>

ALSO:

Law Commission: Contempt Report "Protects Right To Fair Trial"

The proposed Act limits what news media representatives and bloggers can report on court proceedings, but it also makes clearer than the current law where the line is between contempt and freedom of expression. More>>

ALSO:

Gordon Campbell: On Our Refugee Intake (And Uber’s Woes)

On figures released this week, there are currently 65.6 million people worldwide who have been displaced from their homes by war, famine or other external causes… More>>

ALSO:

IGIS Report: GCSB Support For Groser WTO Bid Not Illegal

“The inquiry has found that the GCSB did not act unlawfully or improperly in providing assistance to the New Zealand government campaign”, Ms Gwyn said. More>>

ALSO:

PM's Press Conference: Pike And Houses

There were questions on Pike River mine re-entry after new video from inside the drift was released over the weekend. English maintained a human effort would not be feasible irrespective of any future coalition demands from NZ First. He said the government would continue to work with families on non-manned re-entry. More>>

ALSO:

Flogging A Dead Horse: NZ First Seeks New s59 Referendum

10 years on from the so called “anti-smacking” law - NZ First calls for a binding referendum. NZ First MP Tracey Martin told TVNZ’s Q+A programme that the law change has had a “chilling effect” on NZ parents including herself. More>>

ALSO:

Always Interesting: Internet Party Has New Leader

The Internet Party has a new leader: Suzie Dawson... She currently resides in Moscow, Russia, where she has applied for temporary asylum due to severe persecution she reports being subjected to by those whose corruption she worked to expose.More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election
 
 
 
  • PublicAddress
  • Pundit
  • Kiwiblog
More RSS News Alerts