Clayton
COSGROVE
SOE Spokesperson
17 April 2014 MEDIA STATEMENT
Taxpayers robbed of $130m in Genesis sale
Kiwi taxpayers have been robbed of $130 million by the Government in its final failed asset sale, says Labour’s SOEs
spokesperson Clayton Cosgrove.
“National set the price for Genesis far too low in a desperate attempt to beef up demand. Today that was proven with the
traders and institutions making a killing as the price leapt by almost 20 per cent as soon as it listed.
“The financiers and the spivs will be popping champagne corks tonight and laughing at the misfortune of Kiwis as their
assets were sold off in a fire sale.
“The sales were only driven by John Key’s political vanities. They turned out to be the Bonfire of his Vanity.
“National knew this was the case. Morningstar valued 50 per cent of Genesis at $900 million but the Government sold it
for just $733m.
“This was National’s final failure. Tony Ryall’s valedictory speech should include a personal apology to Kiwi taxpayers
for being the most incompetent SOE minister in our history,” says Clayton Cosgrove.