Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

OIO reaches settlement after investigating JBS Australia

25 October 2019

Overseas Investment Office reaches settlement after investigating JBS Australia

The Overseas Investment Office (OIO) has settled an investigation into JBS Australia’s links to Brazilian corruption allegations.

JBS Australia obtained OIO consent in 2016 to acquire a majority interest in NZX listed Dunedin company Scott Technology Limited.

OIO Group Manager Vanessa Horne says the conditions of consent required certain people, including Joesley and Wesley Batista, to remain of good character.

“The good character condition is designed to ensure overseas persons investing in sensitive New Zealand assets are unlikely to act inappropriately or bring New Zealand into disrepute,” Ms Horne says.

“Joesley and Wesley Batista are major shareholders and used to hold senior executive and governance roles in JBS Australia’s Brazilian parent company.

“The OIO began investigating JBS Australia in 2017 after becoming aware the Batistas had admitted to bribing public officials in Brazil.

“The corrupt actions took place offshore and we’re satisfied that Scott Technology’s New Zealand employees and investors were not put at risk.”

Ms Horne says the OIO concluded that Joesley and Wesley Batista are no longer of good character.

However, the OIO also concluded the Batistas are no longer exercising control over JBS Australia or its investment in Scott Technology.

“The OIO required JBS Australia to provide certain assurances regarding its control of Scott Technology, by ensuring at least half of Scott Technology’s board of directors (excluding the Managing Director) are independent.

“The OIO may take stricter measures if Joesley or Wesley Batista assume any control over JBS Australia in the future. This could include asking JBS Australia to sell its shares in Scott Technology.

“These arrangements, among others, give us confidence that neither Scott Technology nor its other shareholders will be negatively impacted by the corrupt actions of the Batistas.”

“The outcome of our investigation into JBS Australia is in line with our enforcement strategy, which requires the OIO to consider whether it is in the public interest to take enforcement proceedings.

“We’re satisfied JBS Australia is meeting its other consent conditions, including delivering benefits to New Zealand from its investment in Scott Technology. JBS Australia cooperated fully with the OIO’s investigation.”

Ends


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Clark Exit, Convention Centres, And The Killing Of Hachalu Hundessa


Goodbye, David Clark. In the end, the outgoing Health Minister decided that in the midst of a pandemic the best thing he could do for New Zealand would be to no longer be there – given that being there had involved hiving off on his mountain bike during a lockdown, and throwing the country’s most beloved Health bureaucrat under a bus. As Clark indicated so memorably at last week’s press conference, when it comes to managing public health risks at the border the buck stops with…that guy over there! In the aftermath of that debacle, Clark reached the same conclusion the nation had reached some time ago, that leadership just wasn’t his thing. Once again, he got on his bike.... More>>
 

Government: David Clark Resigns As Health Minister

The Prime Minister Jacinda Ardern has accepted David Clark’s resignation as Health Minister. More>>

ALSO:

Election 2020: Green Party Unveils Income Policy

The Green Party is today unveiling its Poverty Action Plan, which includes a Guaranteed Minimum Income to ensure people have enough to live with dignity. The scheme resets income support payments to ensure everyone not in full-time paid work gets at least ... More>>

ALSO:


Conservation: New Protection For Dolphins

Extensive new protections are being put in place as part of an updated plan to look after New Zealand’s native Hector’s and Māui dolphins, announced Minister of Fisheries Stuart Nash and Minister of Conservation Eugenie Sage today. More>>

ALSO:

Auckland: Water Consent Referred To Board Of Inquiry

Environment Minister David Parker has today “called in” Auckland’s application to the Waikato Regional Council to take an extra 200 million litres of water a day from the lower reaches of the Waikato River for Auckland drinking water and other municipal uses... More>>

ALSO:

Gun Law: A New Firearms System Focused On Safety

Tougher gun laws will begin to take effect from next week following the passage of new firearms legislation through Parliament today. The Minister of Police says the Third Reading of the Arms Legislation Bill is an historic milestone for community ... More>>

ALSO:

Government: Building A Stronger Health And Disability System

The Government is committing to a long-term programme of reform to build a stronger New Zealand Health and Disability System that delivers for all. More>>

ALSO:

National: Todd Muller Announces Caucus Reshuffle

Today I am confirming a minor shadow cabinet reshuffle due to the retirement of Paula Bennett. Dr Shane Reti will be ranked number 13 and will take on Associate Drug Reform. Shane has demonstrated a huge intellect and capacity for work, supporting ... More>>

Biosecurity: Winston Peters On EU Travel: 'We're Not Going To Compromise Our Country's Health'

Foreign Minister Winston Peters says New Zealanders who head to Europe on holiday should pay for their two weeks' hotel quarantine when they return. More>>

Economy: Infrastructure Investment To Create Jobs, Kick-Start COVID Rebuild

A new package of infrastructure investments will help kick-start the post-COVID rebuild by creating more than 20,000 jobs and unlocking more than $5 billion of projects up and down New Zealand. Finance Minister Grant Robertson and Infrastructure Minister ... More>>

ALSO:

Covid-19: Isolation System To Be Beefed Up After Stress

A range of improvements are already underway to address issues identified in the rapid review of the Managed Isolation and Quarantine system released today, Housing Minister Megan Woods said. The review was commissioned just over a week ago to identify ... More>>

ALSO:

Election 2020: Parties Get Into Gear

ACT has today announced its list for the 2020 General Election. “The calibre and experience of our candidates will impress voters of every persuasion. We have candidates from all walks of life. People who have built their homes, families and businesses ... More>>

ALSO:


Int'l Trade: New Zealand To Host Virtual APEC In 2021

Foreign Affairs Minister Winston Peters and Trade and Export Growth Minister David Parker announced today that New Zealand’s hosting of APEC in 2021 will go ahead using virtual digital platforms. Mr Peters said the global disruption caused by COVID-19, ... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels