OIO Crafar ruling expected within days
The Overseas Investment Office is expected to resubmit a recommendation to government ministers about the sale of the Crafar farms within days, not weeks.
The Overseas Investment Office is expected to resubmit a recommendation to government ministers about the sale of the Crafar farms within days, not weeks.
Land Information Minister Maurice Williamson said while he did not have a clear timeframe, he expected to receive new advice from the OIO about the sale of the farms to a subsidiary of Chinese company Shanghai Pengxin that was consistent with yesterday's high court ruling within that timeframe.
Justice Forrie Miller's ruling called for a different test to be used by OIO when considering a section of the Overseas Investment Act that looked at the economic benefits of selling farm land to overseas buyers.
“This ruling changes the interpretation of how the economic factors ... should be assessed,” Mr Williamson said.
Yesterday, the government was ordered by the high court to reconsider its decision to allow the sale of the Crafar farms to a subsidiary of Chinese company Shanghai Pengxin.
Justice Forrie Miller set aside the consent for the sale that was granted by Land Information Minister Maurice Williamson and Associate Finance Minister Jonathan Coleman.
The ministers announced on January 27 that they had accepted the recommendation of the Overseas Investment Office (OIO) to grant consent to Milk New Zealand Holding, a subsidiary of Shanghai Pengxin Group, to acquire the 16 farms. NZ government-owned Landcorp was to manage the farms.
Mr Williamson said then that it was clear the bid met the relevant sections of the Overseas Investment Act.
Colin Wiliscroft
Thu, 16 Feb 2012
Thu, 16 Feb 2012
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OIO Crafar ruling expected within days
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