KEY POINTS:
Two business organisation chiefs want a Parliamentary select committee to investigate the Government's controversial changes to the overseas investment rules, arguing they are against the public interest.
The Government surprised the markets when it announced an Order in Council had been passed requiring the Overseas Investment Office to consider whether an "overseas investment will, or is likely to, assist New Zealand to maintain New Zealand control of strategically important infrastructure on sensitive land".
The move has widely been seen as a Government ploy to block the Canada Pension Plan's partial takeover for Auckland International Airport.
NZ Business Roundtable chief Roger Kerr and Wellington Regional Chamber of Commerce boss Charles Finny argue the new regulation "trespasses unduly on personal rights and liberties", noting the announcement wiped $300 million off the value of the company.
Their complaint to the Regulations Review Committee does not express any view on the merits of the Canadian bid.
"We're simply saying this was an important regulation that affected the terms of a bid in a basically retrospective way," said Kerr. "Our view is that this Order in Council was not the correct process for such an important policy initiative.
"It's a bid signal for investment in New Zealand generally and not way get foreign investment."
The pair believe the Government's move is not consistent with Parliament's standing orders and say the policy initiative should have been subject to a regulatory impact statement.
"No regulatory impact statement has been produced and thus the Government has not demonstrated to the public that the benefits of the regulation exceed its cost. A transparent parliamentary process should have been followed."
Another concern is that there would only be narrow grounds for a judicial review to any subsequent decision by two Cabinet ministers on the issue.
Committee chairman Richard Worth confirmed the complaint and challenge to Orders in Council would be discussed at a meeting in Parliament today.
"The committee has to resolve unanimously to refuse a complaint _ otherwise it must be heard."
