Genesis: The biggest fire sale of them all

National has finished its asset sales with a massive bonfire of a fire sale, showing once and for all how much of a disaster this programme was, says Labour’s SOEs spokesperson Clayton Cosgrove.

“Just 68,000 Kiwis bought shares in Genesis, little more than 1 per cent of New Zealanders. This is despite massive taxpayer lolly bags to convince them to buy in.

“The Government is trying to claim 68,000 is a success but it is just 5,000 more than the failed sale of Meridian attracted.

“It’s all the more remarkable given the Government’s target was up to 250,000 investors.

“The failed asset sales programme has brought in less than $4.7 billion, over $1 billion less than the midpoint of their $5b - $7b election year promise.

“National spent hundreds of millions of dollars on lawyers, accountants, advertising agencies, financial institutions, bonus schemes and public relations. This is the most scandalous waste of money on state assets since Think Big.

“It has been overseen by the retiring Tony Ryall, who made such a mess of Solid Energy he had to take it off the auction block. He will go down as the most incompetent SOE Minister in history.

“The Government should apologise to New Zealanders for selling off their assets at the political equivalent of a garage sale,” says Clayton Cosgrove.

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