Rt Hon Winston Peters

New Zealand First Leader

Member of Parliament for Northland
19 NOVEMBER 2015

Australia Cites ‘National Interest’ in Stopping Foreign Sale

New Zealand First asks why National is refusing to act on the foreign takeover of Silver Fern Farms, while the Australian government has blocked the sale of its largest cattle farm portfolio to Chinese buyers citing national interests.

“We are about to lose control of our biggest meat exporter to foreign hands, one of a long list of sales that are of no benefit to New Zealanders,” says New Zealand First Leader and Member of Parliament for Northland.

“Australia cited national and security interests in stopping the foreign sale of the Kidman property portfolio, which covers over 100,000 square kilometres of land, and is valued at over $350 million. The cattle stations make up one of the world’s largest private landholdings and take in part of a military base.

“Foreign companies in the bidding included China’s Shanghai Pengxin, whose ownership in New Zealand includes the 16 Crafar farms and 13 Synlait farms.

“The Kidman company confirmed all the final bidders were foreign companies because the Australian domestic buyers ‘fell away in price’.

“This is exactly what occurs in New Zealand. Overseas corporations have deeper pockets, access to cheaper loans and currency advantages putting any Kiwi bidders at a disadvantage.

“New Zealand First is not against foreign investment, but we want to make sure it benefits New Zealand. An export of profits by foreign owners does nothing for New Zealand.

“But the Overseas Investment Office, which is supposed to safeguard our land, is seriously under-resourced and ticks off all applications.

“The PM confirmed this saying, ‘when people say the Overseas Investment Office approves nearly everything put in front of it, that’s true’.

“It raises big questions over the OIA’s ability to discover straight rorts in the case of Silver Fern Farms.”

ENDS

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