BIL Should Sell Air New Zealand Shares: To New Zealanders

“New Zealanders do not want foreigners to own our airline, nor do we want higher travel costs, and we certainly do not want to see the demise of Air New Zealand,” Winston Peters, Leader of New Zealand First said in Hamilton today.

“The limit of 24.9 per cent foreign ownership still applies to Air New Zealand as it should apply to all of our strategic assets. New Zealand is NOT for sale!” said Mr Peters.

“Brierley Investments should be able, and in fact be required, to divest its shareholding as they have long failed to satisfy any reasonable test of New Zealand ownership. Its convoluted trust arrangements are a device contrary to the spirit and intention of the law.

“The Government has an opportunity to reinvest in Air New Zealand, secure the future of our world class carrier, and protect it from foreign raiders. New Zealand has a serious balance of payments crisis contributed to by the repatriation of dividends to offshore owners and by high interest payments to offshore lenders. The time is right to address this problem by requiring Brierleys to sell to New Zealanders or have their shares acquired by Government” Mr Peters concluded.

ENDS

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