We’re taking a legal stand to challenge the tidal wave of overseas entities wanting to snap up NZ's best land and agricultural businessess.
The Overseas Investment Office granted approval for the takeover, on August 1st 2019, of farmer owned cooperative Westland Milk Products by Hong Kong Jingang, a company wholly owned by Chinese conglomerate Inner Mongolian Yili which is 25% owned by the Chinese government.
Given the role of OIO as the ‘gatekeeper’ to acquisition of New Zealand assets by overseas entities, our aim was to ensure that it applies the proper legal test, that it has sufficient information to determine which test should be applied to a particular application for consent, and that all necessary matters are taken into consideration when it assesses applications.
We’re taking a stand on the issue to challenge the tidal wave of applications from overseas entities that want to snap up the best agricultural land and agricultural and horticultural businesses that New Zealand has.
Much of what we earn from exports is lost when the when those overseas owners claim their profits.
So, as a start, we instigated a High Court judicial review of the Overseas Investment Office decision.
New Zealand is a world leader in the agricultural area. We want to see New Zealanders reaping the benefits of that world leadership, not overseas shareholders.
Donations will be used for the High Court Judicial Review or any other actions the party may take to oppose overseas entities buying up the country.
High Court Challenge not successful - Costs awarded 19 November 2020
The High Court has turned down Social Credit’s four grounds of challenge to the Overseas Investment Office decision on a technical argument over the definition of farm land. The Court decided on the narrow rather than wider view which we advanced and awarded $53,000 costs to the Crown, Westland Milk Products and Hong Kong Jingang.
We are considering an appeal but need your financial support to accompany that.