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

 


Misleading costs the final insult on asset sales

Clayton Cosgrove
SOEs Spokesperson

20 June 2014

Misleading costs the final insult on asset sales

Today’s claim by the Government that the cost of the asset sales programme was $120 million is just a lie, says Labour’s SOEs spokesperson Clayton Cosgrove.

“The Government and Treasury need to be straight up with the taxpayer on the costs of the asset sales which totals well over half a billion dollars. Treasury has ignored a whole series of costs and bonuses.

“National’s asset sales policy was a massive failure. At the last election John Key promised Kiwis the sales would raise between $5 billion and $7 billion. They ended up well short of that because they mismanaged the sales process and drove Solid Energy into the ground.

“The Government claimed that the costs of the sales would be no more than 2 per cent of the proceeds; however it has ballooned out to well over twice what they claimed.

“In their list of costs today, Treasury has omitted to include the bonus and free share schemes which cost $80 million, the $30 million subsidy for Rio Tinto, the increases to executive salaries, the foregone dividends and the losses on the sales .

“The Government needs to come clean on what the real costs to the taxpayer are. The asset sales programme has been a massive failure and misleading people over the costs is the final slap in the face for the public.”

Partial list of omitted asset sale costs and expenses
Bonus and Free Shares: $80m
Bonus shares for MRP $25.0m
Cost of Meridian incentive $33.0m
Cost of Genesis bonus shares $22m
Foregone dividends: $147m so far
Rio Tinto subsidy: $30.0m
Bonus payment to MRP CEO, increased board and CEO salaries: At least $1 million (as supported by Bill English)
Losses on sale: $383m
Mighty River $167m gain
Meridian $422m loss
Air NZ $52m gain
Genesis $180 loss

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Pacific Spying: Mass Surveillance Of NZers Confirmed By Former GCSB Director - Contradicting PM John Key

Scoop Editor Alastair Thompson Reports: Yesterday morning former GCSB Director Sir Bruce Ferguson confirmed mass surveillance of New Zealnders in the Pacific is taking place as revealed in the latest Snowden leaks investigated by Nicky Hager. In 2013 John Key told press gallery reporters that in the event mass surveillance was found have been conducted by the GCSB, he and the director of the GCSB - his childhood friend Ian Fletcher - would resign. As the controversy deepens a year and half later Fletcher has already resigned. But will Key? More>>

Gordon Campbell: Legal Fudging Of The GCSB Revelations

As many have noted, the Hager/Snowden revelations of the spying by our security agencies on our Pacific neighbours and allies is a virtual re-run of the pre-election debate. It is a situation where the government (a) stonewalls, (b) baldly asserts that mass surveillance is not occurring despite the Snowden evidence that it is, and (c) claims that the GCSB actions were lawful. Yet as Greens Co-Leader Russel Norman says, this can be true only if the legislation passed last year by the Key government has made the mass surveillance of New Zealanders – and the related handing over of their private data to the NSA – lawful. More>>

Latest:

 

PARLIAMENT TODAY:

Women's Day, March 8: It’s Time For Men To Step Up For Gender Equality

UN Women is launching the HeForShe campaign in New Zealand at the International Women's Day Parliamentary Breakfast, and is calling on New Zealand men — including politicians and community and sports leaders — to show their commitment to gender equality by signing up to this global campaign. More>>

ALSO:

Teina Pora Wins Appeal: Gordon Campbell On The Privy Council Decision

The quashing of the convictions of Teina Pora for the rape and murder of Susan Burdett in 1992 has shone a spotlight once again on a major gap in the New Zealand justice system... More>>

ALSO:

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. More>>

ALSO:

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:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news