Headline: Key rushing Meridian sale to stymie democracy
After the Mighty River flop, people won’t have a bar of Meridian. Even the Government is only predicting ‘tens of thousands’ of retail investors in Meridian, compared to the 250,000 they wrongly predicted would buy Mighty River shares.
Prime Minister John Key is arrogantly rushing through the sale of Meridian Energy before New Zealanders can have their say in the coming asset sales referendum, Green Party Co-leader Dr Russel Norman said today.
The Government announced today that it would sell shares in Meridian Energy on October 29. The Government is yet to announce a date for the citizens-initiated referendum, which must be held after the Keep Our Assets petition gathered over 327,000 valid signatures. The Government has spent at least $124 million on the asset sales so far and the net foregone profits from the Mighty River Power sale are costing $2.3 million a week. Mighty River Power shares are currently trading 13% below their listing price.
“John Key is arrogantly rushing the Meridian sale when he should be waiting for Kiwis to have their say in the asset sales referendum,” said Dr Norman.
“There’s no excuse for Mr Key to push ahead with the sale of Meridian at the same time as he refuses to set a date for the asset sales referendum.
“The Mighty River Power sale was an expensive disaster and Meridian is shaping up to be even worse.”
Those who bought shares in Mighty River Power on the back of National’s $6.5 million taxpayer-funded ad campaign have lost an average of a thousand dollars each so far. The total cost to the Crown of the asset sales is at least $124 million and is rising every day.
“Kiwis won’t be tricked by another expensive ad campaign from Mr Key using public money,” Dr Norman said.
“After the Mighty River flop, people won’t have a bar of Meridian. Even the Government is only predicting ‘tens of thousands’ of retail investors in Meridian, compared to the 250,000 they wrongly predicted would buy Mighty River shares.
“A sensible, fiscally responsible government would listen to New Zealanders and abandon these costly asset sales.”
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