Sale to China of Silver Fern Farms a Reward for Deceit
Rt Hon Winston Peters
New Zealand First
Leader
Member of Parliament for Northland
20 SEPTEMBER
2016
Sale to China of Silver Fern Farms a Reward for Deceit
The government’s approval today for Silver Fern Farms to sell 50 per cent to Chinese company Shanghai Maling is nothing more than a reward for deceitful misrepresentation.
“The decision by the Land Information Minister and the Associate Minister for Finance is condonation for gross deceit by the Silver Fern Farms board,” says New Zealand First Leader and Northland MP Rt Hon Winston Peters.
“The board amped up the risk of receivership if the deal did not go through, and the Overseas Investment Office and the Ministers have fallen for it.
“It has been demonstrably clear that Silver Ferns did not advise the shareholder farmers honestly on income or debt.
“Research by New Zealand First reveals the proposed purchaser of New Zealand’s largest meat exporter is in a much weaker financial position raising doubts over its promised investment.
“The ratings agency Fitch was told late last month that ‘Bright Food Group will not consider any large merger and acquisition deals that will require significant debt funding in the near term’.
“If that statement points to anything it is that Silver Fern Farms was never in the parlous position the board claimed it was.”
ENDS