Asset sales scandal

Bill English’s claim that the success of the Government will be measured by the number of Kiwis who buy shares in our state-owned assets is disingenuous at best, Labour’s West Coast-Tasman MP Damien O’Connor says.

“He knows that those who can afford to will leap at the chance to buy shares in Mighty River Power so they can make a profit by flogging them off to foreign buyers later.

“Forget the ‘mum and dad’ investors. That term is a misnomer. Make no mistake - our assets will be handed over to foreigners, and it will be at enormous long term cost to the people who own and buy power from these companies, the ordinary Kiwi.

“The Government has no capacity to legislate for preferential purchase to New Zealanders. Labour knew that, yet, prior to the election, John Key repeatedly assured Kiwis it could.

“Mighty River’s sell-down is the beginning of a long list of asset sales that will further widen the gap between average Kiwis and those who can afford to trade shares,” Damien O’Connor said.

“This will leave New Zealanders bleeding profits into the pockets of foreign investors, as is happening with our banking system.

“A more cynical person might suggest these sort of opportunities – of benefit to the money traders – are the price of a National Government.

“It's about time the Prime Minister and his colleagues read the national anthem and saved, not sold, New Zealand,” Damien O’Connor said.