28 Mar 2012

Greens seeking urgent review of OIO

8:30 am on 28 March 2012

The Green Party wants an urgent review of the Overseas Investment Office in the wake of the controversy over the proposed Crafar farms sale.

The office is still reassessing its recommendation to sell the Crafar farms to the Chinese company Shanghai Pengxin, after the High Court ruled it overstated the economic benefits of the bid in its initial decision.

Greens co-leader Russel Norman says the OIO's vetting process needs to be scrutinised because it has approved just about all applications by foreign investors to buy sensitive land since 2008.

Dr Norman says he is also worried about the monitoring conditions foreign companies have to meet after buying New Zealand land.

He says the OIO has four staff to monitor whether an investor is meeting the conditions it agreed to before buying land and that is not enough.