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Govt pulls rug from overseas investors

John Luxton
Opposition Fisheries Spokesman
8 May 2000

Govt pulls rug from overseas investors

The Government has committed an absolute breach of good faith in changing the rules to exclude overseas investors from bidding for Brierley Investments share of Sealord fisheries, says Opposition Fisheries Spokesman John Luxton.

"International bidders have lodged their bids for Brierley's share of Sealords in good faith only to have the Government change the rules at the last minute.

"I wrote to the Government more than two months ago advising Ministers that they had the right to take delegated authority to the Overseas Investment Commission back but they have sat on it, only to pull the rug out from overseas investors at the end of the day.

"Our concern is not the Government's decision but the way they have gone about it. It is not good enough for a Government to change the rules at the end of a process.

"This breach of faith has been made by a Government that is about to create upheaval in industrial relations in pursuit of principal of good faith bargaining, yet they are prepared to breach this principle for international investors.

"Overseas investors will be frustrated at the late change in rules and I expect we will see a drop in confidence in the New Zealand economy. This Labour/Alliance Government clearly doesn't understand the process for overseas investment," Mr Luxton said.

Ends


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