Labour’s 2007 asset sale

Tony Ryall reminds us:

Remember when Labour sold 49 per cent of state owned Spring Creek Mine for millions of dollars to American multi-national Cargill Coal?

In 2007 Labour was happy to sell state owned businesses to foreign interests, now they even oppose everyday New Zealanders buying a share in these companies”, says State Owned Enterprises Minister Tony Ryall.

According to the Chairman of Solid Energy in a letter to the editor, the 2007 sale of Spring Creek Mine had approval from the Labour Government’s Minister of Finance, and Trevor Mallard, their Minister for State Owned Enterprises.

And, because it was sold to a foreign company, it needed Overseas Investment Office approval.

The National led Government has always been upfront about its minority share offer.  We announced it in January 2011.

Many in Labour’s caucus don’t believe a word of what they say on asset sales. They just think it is wrong when they don’t do it. Did Labour campaign in 2005 on selling Spring Creek Mine? No. National, unlike Labour, has been upfront on its policies and plans.