Press Release – New Zealand First Party
The TPPA has just made it a whole lot easier for foreign money to take over businesses in New Zealand, says New Zealand First. Rt Hon Winston Peters
Member of Parliament for Northland
New Zealand First Leader
7 OCTOBER 2015
TPPA Raising Investor Threshold Proves Deal is About Corporate Influence Not Trade
The TPPA has just made it a whole lot easier for foreign money to take over businesses in New Zealand, says New Zealand First.
“We have foolishly agreed to the lifting of the background check threshold opening us up even more to dubious investment practices,” says New Zealand First Leader and Member of Parliament for Northland Rt Hon Winston Peters.
“Under the TPPA the threshold to check character and business experience goes up substantially, from $100 million to $200 million.
“That threshold of $100 million was already far too high and the doubling of it proves just how much international corporates, through puppet negotiators, have been able to circumvent the will of sovereign nations.
“At a time when huge sums of ill-gotten money are transferred around the world, and our checks through the Overseas Investment Office are already weak, we should be raising the bar against unscrupulous money merchants, not lowering it.
“The country will pay a price for lack of scrutiny in the future.”