Media Release:

C&R Now Decision Sees Aucklanders Sold Short

In 2002, the ruling C&R Now group, aided and abetted by Mayor John Banks, sold off half of Auckland City's shares in Auckland Airport Company for a measly $191 million.

Just a few years later the shares sold are worth over $half a billion. The C&R Now short sightedness lost an annual income of $12million which could have been spent on vital projects such as stopping pollution in our streams and harbours.

Cr Richard Northey, City Vision/Labour Co-leader on the Auckland City Council says "The new interest in the Airport from the Canadian Pension Fund and others could have major implications.

If any changes to the shape of our shareholding are proposed we will consult with and listen to the Auckland community and any decisions we make will be consistent with our anti-privatisation principles.

"City Vision and Labour Councillors are very clear that the airport is a strategic resource, an integral part of our regional and national transport system. It is a sound investment providing excellent returns. If Councils sell their shares, we risk the airport being privatised and this could easily result in the sort of asset-stripping and reduced service that we have seen on the railways."

See www.cityvision.org.nz for the full City Vision 'Stop Privatisation' Policy

Cr Richard Northey

ENDS

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