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

Urgent Bill Planned:
MP Pay Rises To Match Public Service

Prime Minister John Key today announced an overhaul of the Remuneration Authority Act, tying MP salaries to those of the wider public sector, which will be passed under urgency.

Mr Key says the decision was made after the Remuneration Authority’s latest determination which saw the total remuneration received by MPs increased by about 3.5 per cent...

The new legislation will be backdated to 1 July 2014, meaning the pay increase outlined in the latest determination will not be awarded. More>>

 

PARLIAMENT TODAY:

PM's Press Conference: MP Pay Rises, Solid Energy, Iraq

Prime Minister John Key answered questions in his Post-Cabinet press conference about the Iraq deployment, Solid Energy and National’s decision to overhaul the Remuneration Authority Act. More>>

ALSO:

Worksafe: MSD Charged Over Work And Income Ashburton Shooting

WorkSafe NZ has laid one charge against the Ministry of Social Development (MSD) in relation to the shooting at the MSD Ashburton office on 1 September 2014 in which two Work and Income staff were killed and another was injured. More>>

ALSO:

Iraq: Ex-Hostage Says Government Not Putting NZers, Iraqis First

Harmeet Singh Sooden is travelling to Iraq in the coming weeks to work with Christian Peacemaker Teams (CPT) on a short-term assignment. More>>

ALSO:

Joint Statement: Australia-New Zealand Leaders’ Meeting

Prime Minister Key warmly welcomed Prime Minister Abbott and Mrs Abbott to New Zealand. The visit has enabled wide-ranging and substantive discussion that has underlined the strength, value, diversity and warmth of our trans-Tasman relationship. More>>

ALSO:

Press Conference: Peters To Stand In Northland By-Election

New Zealand First Leader Winston Peters has announced his intention to stand in the Northland by-election, citing his own links to the electorate and ongoing neglect of the region by central government. More>>

ALSO:

Gordon Campbell: On The Wage Hike For MPs (and Paul Robeson)

Hard to tell what is more infuriating. Is it the 5.3% increase on the already bloated salaries of MPs, or their pantomime of outrage at being gifted with such a wonderful back-dated bonanza? More>>

ALSO:

No Designers Or Visual Artists: Flag Panel Members Announced

The Government has appointed 12 New Zealanders as members of the Flag Consideration Panel which will engage with the public about a possible new New Zealand flag, Deputy Prime Minister Bill English says. More>>

ALSO:

Labour MP Stands Down From Portfolio: Comment From Carmel Sepuloni

The first I knew of my mother’s charges was when I was called by a reporter yesterday. I spoke to Andrew and we agreed there is a conflict of interest at the present time which means I will temporarily stand aside from the Social Development portfolio. It’s the right thing to do… . More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news