Hon Tony Ryall

Minister for State Owned Enterprises
19 June 2012 Media Statement
Remember When – Part Two

Remember when Labour sold off Air New Zealand under urgency for $660 million to Brierley’s (65 per cent), and overseas airline companies Qantas (19.9 per cent), American Airlines (7.5 per cent) and Japan Airlines (7.5 per cent)?

Remember when – also in 1989 – Labour sold off Shipping Corp to ACT (NZ) Ltd? This $33.5 million sale was again pushed through under urgency – with no select committee process.

And remember – again in1989 – Labour sold Rural Banking Finance to Magneton Holdings for over half a billion dollars?

In just three years, Labour sold over 15 state assets for almost $10 billion to the highest bidders.

Who voted for these asset sales without telling the public about their plans at the previous election?

Phil Goff. Annette King. Trevor Mallard. And the rest of the Labour Party.

The same people who are now criticising the National Government’s mandated, long signalled, partial share offer to New Zealanders.

ENDS

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