Overseas Investment Office Welcomes Court Of Appeal Decision

8 August 2012

The Court of Appeal today dismissed an appeal and judicial review by the New Zealand consortium led by Sir Michael Fay in relation to the grant of consent to Milk New Zealand Holding Limited (Milk NZ), a subsidiary of Shanghai Pengxin Group Co. Limited, to acquire the 16 Crafar farms.

The Court of Appeal found that the Ministers were entitled to conclude that the persons who controlled Milk NZ have relevant business experience and acumen.

Manager of the Overseas Investment Office (OIO) Annelies McClure said, “The Overseas Investment Office welcomes the Court of Appeal's decision.”