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Mighty River shareholdings handed to rich

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Latest Political News | Thursday May 9 2013 12:31

Mighty River shareholdings handed to rich

The Government is being accused of handing shareholdings in Mighty River Power to the rich.

Green Party Co-leader Russel Norman is making the attack.

He is basing his argument on figures that shows the value of the average investment made by retail investors in the float is over $8000.

"Clearly when you've got an average price around $8000, ordinary mums and dad New Zealanders did not buy shares in Mighty River Power.

"Bill English simply transferred the ownership from ordinary people to those he gave tax cuts to who could afford to buy them.

"Ordinary New Zealanders were completely cut out."

Doubt is being cast on just how many Kiwi mums and dad's actually did buy shares in Mighty River Power.

Dr Norman says median savings for New Zealand families are around $2000.

"Kiwi mums and dads simply don't have $8000 sitting around that they can spend on shares.

"So ordinary Kiwi mums and dads simply couldn't buy these shares, which is reflected in the fact that less than three per cent of New Zealanders actually bought the shares."

Photo: Getty Images

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