Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More
Parliament

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

 

Solid Energy sale another disaster for West Coast

Solid Energy sale another disaster for West Coast


Hocking off shares in state-owned assets while giving no assurance that those shares will remain in local hands would be considered treachery in any other country, yet it is exactly what John Key is doing here, says West Coast-based Labour MP Damien O'Connor.

"Yesterday John Key confirmed the sale of Solid Energy shares, while at the same time giving no guarantee that those shares will remain in the hands of New Zealanders.

"New Zealanders already own Solid Energy. Why would we want to flog off one of the West Coast's biggest employers?

"Solid Energy executives and the Government are now focused on a sale process and potential new shareholders. This is not about doing something for the good of the country. It is about handing over a strong performing company to a few wealthy New Zealanders who will inevitably sell it on to foreign owners for a handsome profit," Damien O'Connor said.

"Today we hear Shanxi Coal, a large Chinese company, is a joint bidder for Pike River Company assets. That's a clear indication of the very real interest overseas investors have in our valuable coal assets.

"The fact that this successful and growing Chinese company is state owned should tell us why Kiwis should continue to own Solid Energy.

"Mines opened and developed by Solid Energy with strong support from the last Labour Government, have brought huge benefits to the West Coast.

"Now John Key and his National party colleagues want to sell those assets to a few wealthy people who will be able to sell them on to the highest bidder.

"Every West Coaster should understand what this will mean. In any other country it would generate a huge public backlash; it would be considered treachery.

"Labour is totally committed to keeping New Zealand assets in New Zealand hands, which is what Kiwis also want," Damien O'Connor said.


Authorised by Damien O'Connor, MP, Parliament Buildings, Wellington

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On The US Opposition To Mortgage Interest Deductibility For Landlords


Should landlords be able to deduct the interest on the loans they take out to bankroll their property speculation? The US Senate Budget Committee and Bloomberg News don't think this is a good idea, for reasons set out below. Regardless, our coalition government has been burning through a ton of political capital by giving landlords a huge $2.9 billion tax break via interest deductibility, while still preaching the need for austerity to the disabled, and to everyone else...
More


 
 

Government: Concerns Conveyed To China Over Cyber Activity
Foreign Minister Winston Peters has confirmed New Zealand’s concerns about cyber activity have been conveyed directly to the Chinese Government. “The Prime Minister and Minister Collins have expressed concerns today about malicious cyber activity... More

ALSO:


Government: GDP Decline Reinforces Government’s Fiscal Plan

Declining GDP for the December quarter reinforces the importance of restoring fiscal discipline to public spending and driving more economic growth, Finance Minister Nicola Willis says... More

ALSO:


Government: Humanitarian Support For Gaza & West Bank

Winston Peters has announced NZ is providing a further $5M to respond to the extreme humanitarian need in Gaza and the West Bank. “The impact of the Israel-Hamas conflict on civilians is absolutely appalling," he said... More


Government: New High Court Judge Appointed

Judith Collins has announced the appointment of Wellington Barrister Jason Scott McHerron as a High Court Judge. Justice McHerron graduated from the University of Otago with a BA in English Literature in 1994 and an LLB in 1996... More

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.