8 Jan 2015

Call for overseas investment audit

11:09 am on 8 January 2015

Labour MP Stuart Nash wants an audit done on overseas investment applications to determine whether they will add value to the country.

Stuart Nash.

Stuart Nash. Photo: SUPPLIED

Few applications to buy sensitive land were declined by the Overseas Investment Office, and none were declined in the past three years.

Mr Nash said people needed assurances these applications were transparent.

He said there was a feeling in the investment community that once the applications had gone through formalities, investors would do what they wanted.

"And once their applications are approved, they're saying 'Oh well, let's do what we want to do regardless of what we were promised."

Sensitive land was deemed to be either land covering five hectares or more, a property with business worth more than $100 million, or fishing quota.

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