Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Govt to address Crown Law concerns on OIC regime

Govt to address Crown Law concerns on OIC regime

Office of Hon Dr Michael Cullen

Hon Dr Michael Cullen Minister of Finance

Media Statement 30 May 2000

Govt to address Crown Law concerns on OIC regime -

"The Government is redrafting the instructions to the Overseas Investment Commission on how it is to treat applications under the Overseas Investment Act and the Fisheries Act 1996," Finance Minister Michael Cullen said today.

"The Commission has been operating under instruction by the previous Government to approve all bids that satisfy the investment rules unless good reason exists to refuse them.

"Crown Law has concerns that the instruction may offend against the presumption of neutrality contained in the legislation.

"The Government shares these concerns. We removed these words on 11 May and are now moving to replace the letter of delegation with one requiring that the OIC approach each application with an open mind and without any presumptions either in favour or against any proposal.

"This is in the nature of a technical adjustment. New Zealand will still have one of the most open foreign investment regimes in the world," Dr Cullen said.

"The only other change the Government is considering in this area is to activate the latent provisions of the Overseas Investment Act 1998.

"This was passed by the National-New Zealand First coalition with the overwhelming support of Parliament but has never been brought into force.

"The effect of the amendment is modest and restricted to foreshore and farmland. It would require that any farmland be offered on the open market before being sold overseas.

"It would impose a stronger national interest test for farmland and would lower the trigger point at which the national interest criteria applied to foreshore sales from 0.4 hectares to 0.2," Dr Cullen said.

ENDS



© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

SCOOP COVERAGE: CHRISTCHURCH MOSQUES TERROR ATTACK


'Public Safety': Next Firearms Reform Plan Announced

The next Arms Amendment Bill will:

• Establish a register of firearms and licence holders to be rolled out over 5 years
• Tighten the rules to get and keep a firearms licence
• Tighten the rules for gun dealers to get and keep a licence
• Require licences to be renewed every five years
• Introduce a new system of warning flags so Police can intervene and seek improvement if they have concerns about a licence holder’s behaviour
• Prohibit visitors to New Zealand from buying a gun... More>>

 

Ihumātao Development: Protesters Served Eviction Notices

Ihumātao is next to the Ōtuataua Stonefields Historic Reserve in Māngere, home to New Zealand's earliest market gardens and a significant archaeological site on land considered wāhi tapu (sacred) by local hapū and iwi. More>>

Separation: Law Commission Recommends New Law For Dividing Property

The Law Commission recommends a range of changes to make the law fairer for partners dividing property on separation. More>>

ALSO:

'ClimbIt Crisis: Greenpeace Climbers Seek OMV Majestic Centre HQ

The two Greenpeace climbers who are scaling the outside of the tallest building in Wellington have unfurled the first of a series of banners. More>>

ALSO:

Suspect Was Also Kicked: Shots Fired To Warn Fleeing Driver Not Justified

The Independent Police Conduct Authority has found that an officer's decision to fire three warning shots to stop a fleeing driver from reversing towards him was not justified. More>>

ALSO:

Gordon Campbell: On Being Australia's Pacific Go-Fers

Inevitably, there was an aspect of ‘what might have been’ about the weekend’s meeting in Canberra between PM Jacinda Ardern and her Australian counterpart, Scott Morrison... More>>

ALSO:

RNZ: Trades Hall Bombing Case Re-Opened, Evidence Released

The cold case has been reopened and the police have recently revealed more details about the bomb's components - including that it was wrapped in a 1977 edition of The Evening Post. More>>

Safety: Govt Targets Fewer Deaths On The Road

“Most roads deaths and serious injuries are preventable and too many New Zealanders have lost their lives or been seriously injured in crashes that could have been prevented by road safety upgrades,” said Associate Transport Minister Julie Anne Genter. More>>

ALSO:

Pay Rise Delay: Teachers Unions Plan Legal Action Against Novopay

Both of the teachers unions - NZEI and the PPTA - have confirmed they will be taking legal action against Novopay. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels