Aussies to advise govt on asset sales

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The Treasury has appointed an Australian branch of Lazard to advise the Crown on the government’s planned state asset selldown.

Announcing the contract, Treasury said Melbourne-based investment bankers from Lazard would (if the government wins the November 26 election),

• Design of and participation in the pre-qualification process for sales advisors (joint lead managers and other parties) and subsequent appointment of sales syndicates;
• Independent quality assurance of the sales programme advice prepared by the Crown Advisor; and
• Independent advisory services during the consultation and execution phase for each transaction should the government proceed with extending the mixed ownership model.

Lazard is conditionally appointed through to 31 December 2012 although Treasury may extend the contract for another year. No value for the contract was given.

National is campaigning for the November 26 election on a promise to sell stakes in government owned energy companies Genesis, Meridian, Mighty River Power and Solid Energy and to reduce the Crown holding in Air New Zealand. It says the sales will raise $5-7 billion and that it will retain state ownership of at least 51% stake in each company.


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9 Comments & Questions

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Lazard seems very close to Lizard.
Why do we have to have an Australian company selling off our assets and probably to their flash mates and co-board members in the Melbourne and Sydney glass towers.

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The lizards are running.
"Independent quality assurance" = $$$ down the drain/Taxpayer picking up bill.

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Phil Goff who has sold 17 assets that sold for $9,490,000,000. If anyone knows in great detail about asset sales it is Phil Goff.

- NZ Steel
- Petrocorp
- Health Computing Service
- Development Finance Corporation
- Post Office
- Air New Zealand
- LandCorp
- Rural Banking Finance
- Government Printing
- National Film Unit
- Communicate NZ
- State Insurance
- Tourist Hotel Corporation
- NZ Liquid Fuels, Maui Gas and Syngas
- Telecom
- Forestry Cutting Rights

These statistics do not show the sell off of Housing NZ state houses. Labour will say that they were surplus to requirement but the fact remains that they were an asset that they flogged off too. The value of those would probably add another billion onto Labour’s total.

Phil Goff was in Cabinet between 1984 and 1990 (Minister of, variously, Housing, Employment, Youth Affairs, Tourism, and Education). Annette King was elected to Cabinet in 1989 and had responsibility for Employment, Immigration, and Youth Affairs.

When Labour talks about asset sales and what National did, then know with certainty that Labour are hands down winners of the asset sales crown and any talk otherwise is more lies from the mouth of Phil Goff.

(Hat Tip W/Oil)

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How about some objective commentary for a change!!

The reality was Douglas (a failed pig farmer), Prebble & Cargill were the driving force behind Labours asset sales. They took advantage of the financially illiterate Lange.
Their post Labour appointments are confirmation they were plants; clearing not representing the long term interests of Labour.

Doesnt the $800 million government debt look small now. We werent in much of a hole really, just sold a pup

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Why would you engage an Australian adviser if you are targeting NZ retail investors?

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for the Australian government to take part (most of) ownership.

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In response to: Richard S | Tuesday, November 1, 2011 - 10:42pm

Hahahaha...objective commentary for a change...so Labour sold stare assets because they were infiltrated and their leader was clueless....

Nothing ever changes...the Fabian Society infiltrated Labour years ago. Goff is a Fabian and clueless.

Richard S you are a subjectivist. If you want to know about objective reality then read Ayn Rand. She hates you lot (having fled the soviet union).

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Unbelievable- we don't have advisors in NZ? - well done Nats anther good export.

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The list of people involved in Lazard reads like corperate America or the Illuminati
John Key is still working for or is the puppet of these people ,put the word out before its too late.

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