MOM Bill Passes Into Law

by Desk Editor on Tuesday, June 26, 2012 — 4:56 PM

The Mixed Ownership Model Bill has passed into law with MPs throwing accusations and insults across the House.

State Owned Enterprises Minister Tony Ryall said the policy to sell 49 percent of Genesis, Mighty River Power, Meridian and Solid Energy was a pragmatic approach to deal with the Government’s debt and fiscal demands without enduring the extreme austerity measures being faced in many countries.

Labour Leader David Shearer said the bill was widely opposed by the majority of New Zealanders and it would result in higher power prices and shares falling into the hands of foreign corporates.

The debate became heated at time with National and its allies accused of a number of things including treason and political suicide.

National MPs defended the policy saying it had been campaigned upon at the last election and they enjoyed a mandate.

New Zealand First Leader Winston Peters said that any party wishing to form a Government with his MPs after the election would have to buy back the sold assets.

Much of the venom of Opposition MPs was aimed at United Future MP Peter Dunne, but in the end his vote and that of ACT MP John Banks gave National a 61 to 60 majority to pass the controversial policy into law.

Dunne did not speak in the debate.

MPs then began the committee stage of the Prisoners’ and Victims’ Claims (2012 Expiry and Application Dates) Amendment Bill.
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