March 13, 2014
Tribunal to hear Genesis sale challenge
Shares in state owned energy generator Genesis Energy have gone on sale despite the Waitangi Tribunal granting urgency to a claim over one of its major assets.
Ngati Ruapani, which according to a 1918 Maori Land Court decision is part-owner of the bed of Lake Waikaremoana, says the sale is going ahead despite the Crown not having in place protection mechanisms for all iwi and hapu that will be affected.
The government says it will be able to provide financial redress after the sale of or amend existing water permits if a claim is proven.
The claimants say once the shares are sold, any change to existing water permits will affect the value of those shares, so it’s unlikely to happen.
In granting urgency, the tribunal said the crown is only willing to offer Ngati Ruapani an enhanced role in managing the lake, rather than any financial compensation for loss of any water rights.
The Government expects to sell Genesis shares for between $1.35 and $1.65, valuing the company at $1.35 billion to $1.65 billion.
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