Incomptent OIO Approves Sale Commerce Commission Rejects

The Overseas Investment Office has been shown again to be a rubber-stamping machine after it approved the $175m sale of New Zealand company Tower to Vero Insurance of Australia, says New Zealand First Leader and Northland Member of Parliament Rt Hon Winston Peters.

“Last week the Commerce Commission declined Vero Insurance’s takeover of Tower but today the OIO released its decision summaries for June 2017 approving the sale.

“If nothing else it shows again the OIO is not doing its job.

“The Commerce Commission chairman Mark Berry said the takeover would have lessened competition and removed Tower as being the only independent competitor to Vero and IAG which already have 76 per cent control of New Zealand’s insurance market.

“The competency of the OIO now has to be questioned seriously,” says Mr Peters