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From Russia With Love

6 March 2008

From Russia With Love

Russian food products group, Nutritek, should have their application for majority shareholding and control of the New Zealand Dairies’ Studholme plant rejected out of hand by the Minister of the Overseas Investment Office, says New Zealand First spokesperson for primary production, Doug Woolerton.

“Local farmers who formed this company in the first instance will be disadvantaged and essentially have a company filched from under them if approval is given.

“How can a government charged with acting in New Zealand’s best interests even contemplate such a thing?

“Russian conglomerate, Nutritek, bought into New Zealand Dairies Ltd last year starting with a five to six percent share at $1.6 million. But with another $20 million in plant and $40 million more invested in the company, they are obviously set on considerable expansion.

“New Zealand First believes the application should be turned down so the farmers in South Canterbury can pay the Russians out and keep New Zealand’s dairy industry in farmers’ hands where it should be.

“Profits from the sweat of our farmers should stay here, not be allowed to slip away to the oligarchs in Russia,” said Mr Woolerton.


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