4 Feb 2014

Genesis sale process flawed - Labour

9:04 am on 4 February 2014

Labour has accused the Government of overseeing a flawed process as it pushes ahead with a sale of shares in Genesis Energy.

The Prime Minister has confirmed the Government plans to sell up to 49 percent of the company and says it will do so sooner rather than later.

Shares in Mighty River Power, Meridian Energy and Air New Zealand have already been sold.

Labour leader David Cunliffe says Genesis will be a weak offering in an already flooded market and the Government will have to offer a hefty discount of about 10 percent to make the sale work.

He says the Prime Minister is ignoring the majority of voters, who opposed the sale of state assets in a referendum last year.