Maori Council Delays SOE Sale Signing
October 24, 2012 New Zealand Finance
The sale of shares in Mighty River Power has hit a new snag, as the government prepares to go to Court to hear objections regarding the sale.
On October 23rd the Finance Minister Bill English announced that the government will delay the signing of the Order in Council for the partial sale of Mighty River Power.
The Order was postponed upon the advice of the Court, as an interim date of November 26th was set to hear the a challenge in the High Court to the sale from the Maori Council and the Waikato River hapu Poukani.
The sale of Mighty River Power is currently scheduled for March 2013.
Commenting on the upcoming delay to the Order, the Prime Minister John Key said that he expects the issue to reach the Supreme Court, but does not expect the final sale to be delayed beyond March 2013.
The Mana Party leader Hone Harawira congratulated the Maori Council on “…putting another snag in the Government’s plan”, and said that that the government’s current plan to continue with the sale in March was unrealistic, and October was a more feasible time.
Photo by Abaconda