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Taxpayers robbed of $130m in Genesis sale



SOE Spokesperson

Taxpayers robbed of $130m in Genesis sale

Kiwi taxpayers have been robbed of $130 million by the Government in its final failed asset sale, says Labour’s SOEs spokesperson Clayton Cosgrove.

“National set the price for Genesis far too low in a desperate attempt to beef up demand. Today that was proven with the traders and institutions making a killing as the price leapt by almost 20 per cent as soon as it listed.

“The financiers and the spivs will be popping champagne corks tonight and laughing at the misfortune of Kiwis as their assets were sold off in a fire sale.

“The sales were only driven by John Key’s political vanities. They turned out to be the Bonfire of his Vanity.

“National knew this was the case. Morningstar valued 50 per cent of Genesis at $900 million but the Government sold it for just $733m.

“This was National’s final failure. Tony Ryall’s valedictory speech should include a personal apology to Kiwi taxpayers for being the most incompetent SOE minister in our history,” says Clayton Cosgrove.

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