Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

TGA action sees record payout by Aust Government

TGA’s ‘vengeful’ action sees record $50 million payout by Australian Government

The Therapeutic Goods Agency (TGA) which wants to take control of New Zealand’s natural health products sector has been found guilty of destroying a multi-million dollar business illegally – seeing 400 jobs and $350 million of shareholders funds lost.

Jim Selim, the founder of Pan Pharmaceuticals, has been awarded a record $50 million payout in the Australian courts plus costs of $5 million from the Federal Government.

The shocking judgement found the Australian regulatory agency illegally persecuted Pan Pharmaceuticals and after closing it down officials shredded documents which said there was not enough evidence to close it.

New Zealand Health Trust spokesman Dave Sloan said New Zealand had only narrowly escaped being subject to the same regime.

Annette King signed up for the new even more powerful TGA and tried to push legislation through parliament despite multi-party opposition. Mr Sloan said New Zealand businesses had known for years how bad the system was in Australia, and were terrified Government would drag the local industry into it.

“The judgement out of Australia shows the industry’s fears were completely justified. The transcripts paint a picture of an organisation which is totally out of control and we want no part of it.”

“Thank goodness for the Health Select Committee and the support the industry has had from National, The Green Party, The Maori Party, United Future and New Zealand First, Mr Sloan said.”

“The industry has been forced to fight for more than five years to stop the Government feeding us to the lions of the TGA at a cost of millions of dollars. Surely now it is time for the Government to put the ill-conceived joint-agency plan to rest once and for all.”

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>

ALSO:

Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO: