“The Ministers were not satisfied that all of the individuals with control of Natural Dairy were of good character. Accordingly, consent was declined.” Ms Annelies McClure Manager OIO.

Overseas Investment Office Media release – 22 December 2010 – Copy

Ministers decline Natural Dairy application for Crafar farms

Hon Maurice Williamson and Hon Kate Wilkinson have today declined consent to the application by Natural Dairy (NZ) Holdings Limited (Natural Dairy) to acquire the Crafar farms.

Annelies McClure, Manager of the Overseas Investment Office (OIO), said the Ministers concurred with the OIO’s recommendation that consent should be declined.

Under the Overseas Investment Act 2005, decision-making Ministers must decline consent if they are not satisfied that all of the relevant criteria for consent under the Act have been met.

“One of the criteria for consent is that Ministers must be satisfied that all of the individuals with control of an overseas person are of good character,” said Ms McClure.

“The Ministers were not satisfied that all of the individuals with control of Natural Dairy were of good character. Accordingly, consent was declined.”

[The Society applauds the National Government Ministers and the Overseas Investment Office for taking full and careful account of the criterion of “good character” of the prospective buyer, in arriving at this decision – in this case lack of good character].

A summary of the decision can be found at www.linz.govt.nz. [Read more…]