close
MENU
1 mins to read

Peters critical of overseas investment changes

Foreign companies will be able to get around government changes to rules about overseas purchases of New Zealand land by appointing a local director, New Zealand First leader Winston Peters says.Finance Minister Bill English announced the outcome of a rev

NZPA
Wed, 29 Sep 2010

Foreign companies will be able to get around government changes to rules about overseas purchases of New Zealand land by appointing a local director, New Zealand First leader Winston Peters says.

Finance Minister Bill English announced the outcome of a review into overseas investment rules and regulations on Monday.

While the Overseas Investment Act would not be changed, Mr English said changes to regulation outside the Act would, from December, include a new economic interests factor allowing ministers to consider whether economic interests here were adequately safeguarded.

A new mitigating factor would also enable ministers to consider whether overseas investments gave the opportunity for New Zealand participation, oversight or involvement, and more clarity would be provided about the Government's policy on investment in sensitive assets.

Mr Peters said in a speech in Thames this morning that that was "rhetoric and bluster".

"On the day National faked a change to the law, on Monday, the OIO approved Shanghai based Bright Dairy's purchase of over half of Synlait Milk for $82 million.

"National's announcement is merely a few more hypocritical soothing noises to keep you natives under control.

"All the overseas buyers now have to do is appoint a local director. That's right, a traitorous puppet who'll do the bidding of his foreign masters."

On Monday Mr English said while different factors would be considered ministers would have final decision making power.

Mr English's review initially set out to make foreign investment "simpler and more attractive" but there was a refocusing in light of Natural Dairy's bid to buy the Crafar family farms.

The Overseas Investment Office is considering Hong Kong-based Natural Dairy's bid for the 20 central and lower North Island farms.

Labour is yet to release its policy on overseas investment.

Green Party co-leader Russel Norman said the changes would not protect New Zealand farm land from overseas ownership.

Dr Norman said he wanted to see the Greens' policy of limiting sales of land to overseas owners to 5ha adopted.

NZPA
Wed, 29 Sep 2010
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Peters critical of overseas investment changes
8907
false