Overseas Investment review due

Photo / Brett Phibbs

Finance Minister Bill English is set to announce the results of a review of the Overseas Investment Act this afternoon.

Last year the Government announced the vast majority of overseas investment applications would no longer need ministerial approval.

The change was the first part of a two-part review, with the second part focusing on changes to the Overseas Investment Act itself.

The review was due out in July, but was delayed as the Government grappled with the prospect of cashed up offshore investors swooping on debt-laden kiwi farms such as the Crafar dairy empire.

Hong-Kong based Natural Dairy has a conditional agreement to purchase 20 central and lower North Island farms, currently in the hands of receivers KordaMentha.

The OIO said last week it was still assessing Natural Dairy's application, and due to its complexity, could not be specific in terms of when a decision would be made.

- NZ HERALD ONLINE