Sharechat Logo

BREAKING: Court overturns Crafar farms sale decision

Wednesday 15th February 2012 5 Comments

Text too small?

The decision allowing sale of the Crafar dairy farms to Chinese investor Shanghai Pengxin has been set aside, with the High Court directing Ministers to reconsider the application.

Judge Forrest Miller found that the Overseas Investment Office's recommendation to allow the purchase to occur "materially overstated" the economic benefit of the transaction to the New Zealand economy.

That was because any new purchaser of the farms would be expected to return them from their current "unsatisfactory" state "to bring their production up to its potential."

(BusinessDesk)

NOTE: please be advised to read full articles from Business Desk Website, you will have to pay a subscription fee on their website.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

On 15 February 2012 at 2:29 pm TonyR said:
Lease it out to Shanghai Penqxin All parties could be winners thenAZUG
On 15 February 2012 at 3:11 pm Alberre said:
How odd. But maybe now the receivers should get on with selling the farms individually.
On 15 February 2012 at 3:13 pm Gary said:
Perfect, might stop the Government from trying to ride roughshod over the people so often and help them realise they work for 'us' for the full term, not only election times.
On 15 February 2012 at 3:26 pm Greg said:
The issue here is that it is NOT the Government but a Government Department and quite they check every deicision the OIS makes. I am glad that the decision by the OIS has been overturned but I a'm not sure that I like the other on the table either. Maybe as Alberre states, seeling individually would be a good thing!
On 15 February 2012 at 3:42 pm Barry said:
John Key stated that the rules were followed but as the High Court decided this can not be true.Why does the Govt continue to try and pull the wool over our eyes?
Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar holds gains on improved dairy, bank capital outlook
MARKET CLOSE: NZ shares gain; banks rally on Reserve Bank capital decision
NZ dollar rises; bank capital rules less harsh than expected
RBNZ relaxes capital requirements, allows preference shares, extends phase-in
NZ dollar extends gain amid mixed US data, possible trade progress
MARKET CLOSE: NZ shares dip on eve of major regulatory decisions
NZ dollar sees off global headwinds, holds above 65 US cents
NZ dollar holds above 65 US cents; dairy auction prices mixed
Dairy index falls on weaker butter, milk fat demand
MARKET CLOSE: NZ shares join global decline; US tariff move weighs on exporters

IRG See IRG research reports