INDEPENDENT NEWS

Government Bullied Into Selling Powerco Shares

Published: Tue 21 Dec 2004 04:45 PM
21 December 2004
Government Bullied Into Selling Powerco Shares
Rt Hon Winston Peters has accused the Government of being bullied into approving the sale of a majority stake in New Plymouth based Powerco to Australian Prime Infrastructure.
This follows the release of official papers that show Finance Minister Michael Cullen and acting Land Information Minister Paul Swain were advised that a refusal to approve Prime Infrastructure’s purchase of Taranaki electricity and gas company Powerco shares could hurt trans-Tasman relations.
“Lower down the pecking order the papers also showed the deal failed to guarantee the creation of new job opportunities or keep existing jobs that might otherwise be lost, said Mr Peters.
“At no stage did Dr Cullen reveal he was being heavied by the Australians.
“It is outrageous that he caved in to pressure from the Australian business community and announced on October 21 that the purchase complies with New Zealand’s regulatory framework so the Government cannot credibly intervene to prevent it under the Overseas Investment Act.
“Dr Cullen and his Labour colleagues have let the country down and are no different to National when it comes to flogging off valuable publicly owned assets overseas.
“New Zealand First will put an end to this type of sale after the next election,” said Mr Peters.
ENDS

Next in New Zealand politics

Public Sector To Be Carbon Neutral By 2025
By: New Zealand Government
Govt Moves On Drug Checking To Keep Young New Zealanders Safer This Summer
By: New Zealand Government
13 Parties Charged By WorkSafe New Zealand Over Whakaari/White Island Tragedy
By: WorkSafe NZ
Government Fulfils Election Undertaking On New Top Tax Rate
By: New Zealand Government
Stuff Holds Itself Accountable For Wrongs To Māori
By: Stuff
Crown Accounts Reflect Govt’s Careful Economic Management
By: New Zealand Government
Climate Emergency Declaration Will Be Matched With Long-term Action
By: New Zealand Government
It is a climate emergency, now let’s act like it
By: Greenpeace New Zealand
WWF-New Zealand Reaction To Government's Climate Change Emergency Declaration
By: WWF
By declaring a climate emergency Jacinda Ardern needs to inspire hope, not fear
By: The Conversation
Climate Declaration A Triumph For Post-rational Politics
By: ACT New Zealand
ACT Supports Pill Testing Bill
By: ACT New Zealand
Legal Drug Checking This Festival Season Will Help Protect Our Young People: Green Party
By: Green Party
Timely Decision On Festival Drug Checking Will Save Lives
By: NZ Drug Foundation
Whakaari / White Island Eruption 22nd Death
By: New Zealand Police
View as: DESKTOP | MOBILE © Scoop Media