Rt Hon Winston Peters

New Zealand First Leader

Member of Parliament for Northland
28 JULY 2016

Milk Company Deal Simply Surrendering Control to China

“A $200 million dairy plant planned near Gore may appear superficially good news for Southland but having a China state-owned company holding majority ownership is not,” says New Zealand First Leader and Northland Member of Parliament Rt Hon Winston Peters.

“Southlanders should be concerned that offshore money is being used and not local money.

“Unfortunately, Mataura Valley Milk has given China Animal Husbandry Group (CAHB) a 71.8 per cent ownership share in the plant while Southland farm suppliers have only 20 per cent with the remainder being held by Mataura directors and milk powder company BODCO of Hamilton.

“This is just another example of one of China’s largest state-owned enterprises gaining more control in the economic affairs of this country.

“In a resource hungry world it is economic lunacy to give over control of our wealth to foreign interests.

“Neither our Balance of Payments difficulties, nor growth of our added value production, are helped by such short sighted policies.

“Overseas investment should only be welcomed when the controlling interests are held by New Zealanders, not overseas investors,” Mr Peters says.

ENDS

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