Friday, September 18, 2015

State confiscation of private wealth

State confiscation of private wealth. That's all it is. Appalling.

The Government's rejection of the Lochinver sale causes some issues, not the least being what happens to the station now.
It is owned by the Stevenson Group which wanted to complete the sale to free up capital to reinvest in other businesses such as expanding its quarry in Drury and investing in a West Coast coal mine.
It is unlikely a New Zealand buyer with $88 million can be found, reducing the value of the property on the open market.


Anonymous said...

Lindsay, an extension of your take on this decision is ultimately that we should do away with the OIO legislation altogether then. That any NZ asset privately owned can be sold to any other foreign owner without restriction.

I don't care what Stephenson's are intending to do with this sale money (or what they say they will do), if assets are to be sold to overseas owners, the principle that there should be a significant benefit to NZ is a good one. Remember, we are small fry in the total world economy, and that our total asset value is a drop in the ocean compared to say, USA, China, Russia, Saudi Arabia, Europe or whatever. Reflect on the ultimate outcome on that if we had no legislation at all regarding foreign sales.

I read this morning that the President of Federated Farmers agrees with the decision, and I am reasonably assured by that that my gut feelings are confirmed.

Maybe Lochinver need to look at what they have developed, and consider divesting parcels of their assets in saleable lots, rather than as one huge investment.


Nick K said...

MarcW, the principle about significant benefit is no one's business except the vendor of the asset - i.e. the owner. In Fiji, you cannot sell land to Kiwis unless the dictator determines it is of significant benefit. Fiji, Marc. Fiji. That's not what I aspire to as a country.

Anonymous said...

The National Socialists stealing private property rights.

Stevenson's should sue the govt. for their money.

Fed farmers support it. Well they might but everyone fo them with a farm has just started the devaluation of their asset.
worse this now sets a precedent that both the govt. and god Forbid the courts wil use against the property rights of any and everyone.

Bloody disgrace.
But then the Nats. have been for a longtime.

Anonymous said...

That any NZ asset privately owned can be sold to any other foreign owner without restriction

Absolutely. That is nothing but the definition of private ownership

I can't help it if you are a communist. Neither can you. But you clearly should not be permitted to exercise the vote in a capitalist country.