Media Release

27 May 2008

Kiwis Sold Out In NZDL Sale To Russians

New Zealand First has condemned the sale of New Zealand Dairy Industries Ltd to the Russian owned Nutritek Overseas Pte Ltd, describing it as a big step towards foreign ownership of local dairy farming interests.

The government today announced that Nutritek had been given the green light to increase its stake in NZDL from its current 5.65 percent to 100 percent over a 12-month period.

Rt Hon Winston Peters said he could not understand why the government approved the deal when the dairy industry was playing an enormous role in holding the New Zealand economy together.

“In fact, we had already written to the ministers involved warning them not to allow Nutritek to take over.

“Nutritek’s operation in South Canterbury has been raising eyebrows by the way it is sending raw dairy products to China for processing then selling them on world markets as New Zealand products.

“This deal means that we are selling our priceless image overseas as well as another highly valuable local asset.

“It is the start of a big foreign campaign to buy out the New Zealand dairy industry with Fonterra the next big target on the horizon as it launches capital expansion plans.

“With this situation looming, New Zealanders appear to face a certain future as the lowly paid servants of foreign masters in the farming industry. Last month Vector, this month the dairy industry.

“The deal should never have been approved,” said Mr Peters.

ENDS

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