Sale of Petrocorp 'done in a panic’
The sale of Petrocorp shares was being done in a panic, said the Opposition spokesman on State corporations, Mr lan McLean.
He said the corporatisation process was in chaos with asset values not decided and funds not flowing as expected to the Government
“At the same time, the Government’s own finances are coming under pressure. Mr Douglas desperately needs the money.”
But Mr McLean said the Government’s earlier premise not to sell more
Petrocorp shares this financial year threatened the success of its present proposal.
"Treasury has already indicated that the shares will be sold to the highest bidder, whoever that may be. For the sake of New Zealand, I hope that neither the Ayatollah Khomeini, the Mafia nor the Russians put in the highest bid.”
The plan to allow Petrocorp’s tax losses to be transferred to its new owner was also criticised by Mr McLean. This was like writing out a cheque for hundreds of millions of dollars, he
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Press, 25 September 1987, Page 4
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167Sale of Petrocorp 'done in a panic’ Press, 25 September 1987, Page 4
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