Parliament

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

 

Govt Inaction Risks $3 Billion

19 September 2001

Govt Inaction Risks $3 Billion In Commercial Transactions

A Court of Appeal decision has made a mockery of the Government's soothing words to business over the Commerce Amendment Act 2001 and has put $3 billion of commercial transactions at risk, National's Commerce spokesperson Tony Ryall said today.

"The Government told business that if they applied to the Commerce Commission for clearance of acquisitions before the rules changed on 26 May 2001, the transaction would be assessed under the old rules.

"Today's Court of Appeal decision will void all eleven clearances made under the old rules, but after the new legislation was passed.

"The Government doesn't understand business. It ignored submissions from companies and the advice of the select committee that the transitional provisions should be expressly included in the Commerce Amendment Act. Ministers Mallard and Swain chose to ignore this advice.

"The Government is responsible for this confusion. They should fix it. The excuse that the Interpretation Act is to blame is pathetic and a cover for ministerial incompetence.

"The Labour-Alliance Government can't do business. It has shown it with Air New Zealand, it has shown it by destroying the value of State Owned Enterprises and now the Government's ineptitude may wreck $3 billion worth of commercial transactions affecting eleven companies. These transactions affect tens of thousands of shareholders and employees," Mr Ryall said.

Ends


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

General Assembly: Ardern Rejects Trump Call For War On Drugs

New Zealand will not be signing the United States' document calling for global action on the war on drugs, Prime Minister Jacinda Ardern says.

Ms Ardern is in New York for the United Nations General Assembly this week, along with about 140 other world leaders.

US President Donald Trump is kicking off his week at the UN by holding an event to promote the US document called the Global Call to Action on the World Drug Problem. More>>

 

Pay Equity: Cabinet Funds Deal For Oranga Tamariki Social Workers

The Minister said that an agreement in principle has been reached between Oranga Tamariki and the PSA on a settlement worth $114.6m over five years. More>>

ALSO:

Hunting v Pest Control: Tahr Control Needed To Protect Alpine Habitats

A cull of introduced Himalayan tahr browsing conservation land in Kā Tiritiri o Te Moana/ the Southern Alps is needed to protect special alpine plants and their habitats, Conservation Minister, Eugenie Sage said. More>>

ALSO:

Protest At Sea: Judge Discharges Greenpeace Activists

The judge today discharged Norman and Howell without conviction, saying the cumulative consequences of a conviction would be out of proportion to what was “low level” offending off the Wairarapa coast in April 2017. More>>

ALSO:

Meth Testing Report: Housing NZ "To Right Wrong"

Phil Twyford “Housing NZ acknowledges that around 800 tenants suffered by either losing their tenancies, losing their possessions, being suspended from the public housing waiting list, negative effects on their credit ratings or, in the worst cases, being made homeless.” More>>

ALSO:

No Reshuffle: Meka Whaitiri Removed As A Minister

Meka Whaitiri will be removed as a Minister with immediate effect... The decision was made after receiving a report into an incident that occurred on 27 August in Gisborne, involving Meka Whaitiri and one of her staff. More>>

ALSO:

Asylum: Refugee Quota Increasing To 1500

“The quota increase will take place from July 2020. In the meantime, we will work to increase the number and spread of refugee resettlement and support services. We need to make sure we’re prepared for this change in policy.” More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels