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Another Rubber Stamp for Foreign Buy-up

Rt Hon Winston Peters
New Zealand First Leader
04 February 2014

Another Rubber Stamp for Foreign Buy-up

The takeover of Synlait Farms in Canterbury by a foreign company is no surprise, says New Zealand First.

The takeover of Synlait Farms by Shanghai Pengxin, a Chinese company, was approved by the Overseas Investment Office today. Synlait has 13 farms. Shanghai Pengxin also owns the 16 North Island farms formerly owned by the Crafar family.

“The National Government seems hell bent on allowing precious New Zealand resources to fall under the control of foreign companies,” says Rt Hon Winston Peters.

“This was a Kiwi enterprise which has become progressively foreign owned.

“This is not investment, it is a change of ownership and means more Kiwi wealth is now overseas owned.

“The rest of the world is eager to grab our land, to them it is cheap as chips.

"Under the Free Trade Agreement with China, New Zealand workers are likely to be excluded from Synlait in favour of the company’s own workers coming in.

“New Zealand First wants a halt to sales of farmland to non-resident foreign buyers.

“It’s a road to ruin and will see us being peasants in our own land.

“The Overseas Investment Office is a sham – it is a rubber stamp machine, just take a look at all the applications being let through the door – in just two months sales have been approved to Dutch, Chinese, American, Swedish, Australian, Japanese, Swiss and French interests.”

“New Zealand First’s Land Transfer (Foreign Ownership of Land Register) Amendment Bill is awaiting introduction into Parliament and will ensure there is an accurate picture of the takeover of New Zealand,” says Mr Peters.

ENDS

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