Fahey fears share sell-off

Press, 6 October 1989, Page 7

Fahey fears share sell-off

The selling of shares in local body trading enterprises to overseas interests or the private sector is opposed by the United Citizens Christchurch mayoral candidate, Dr Morgan Fahey.

He is concerned the Government might allow shares in airports, port companies and electricity supply authorities to be held by the private sector and overseas interests.

He said the Government had indicated its intention to sell its 25 per cent shareholding in Christ-

church Airport. He believed this should go to South Island local authorities rather than an overseas airline or airport company. The future ownership of the shares in electricity supply companies, such as Southpower, was another issue awaiting a Government recommendation, Dr Fahey said. He would oppose any move to have the ownership of Southpower taken out of the hands of territorial local government. Christchurch ratepayers had built

up the assets of the former Municipal Electricity Department for their continued shareholding in the new company. It was essential as a future investment of real benefit to ratepayers, he said. Dr Fahey said the new Christchurch City Council should also try to maintain its majority shareholding in the Lyttelton Port Company. He said the port would become an important factor in the future economic development of Canterbury.