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Dom Thomas / RNZ
Associate Minister of Finance David Parker, who is also Minister of Commerce.
This story was originally published on RNZ.co.nz and is republished with permission.
The Government will take steps to ensure that New Zealand assets are not foreign-owned during the Covid-19 crisis.
It will modify the Foreign Investment Law to present a proof of national interest, as agreed by the Cabinet last year.
There will also be a temporary application of that test to any foreign investment that results in more than 25 percent participation.
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Once the temporary measures end, there will be a test of national interest for business transactions at a minimum threshold of $ 100 million.
Associate Finance Minister David Parker said the changes would help prevent cornerstone companies from selling in a manner contrary to the national interest.
This story was originally published on RNZ.co.nz and is republished with permission.
RNZ
