New Zealand First Would Block UDC's Sale To China

New Zealand must draw a line in the sand and New Zealand First would block the sale of ANZ-owned UDC to China’s HNA Group.

 

“We have outsourced our financial sovereignty at great harm to the economy,” says Mr Peters.

 

“It is one of the reasons why the Reserve Bank admits its Official Cash Rate is largely an irrelevancy.  Foreigners are calling most of the financial shots and enough is enough.  Until a majority of the sector comes back into Kiwi ownership there must be no further such sales.

 

“The latest being Australia’s ANZ, which is selling its UDC Finance arm to China’s HNA Group despite New Zealand-owned Heartland Bank reportedly wishing to purchase it.

 

“HNA Group turns the plotline of the movie, The Big Short, into real life.  Here is a company which slices and dices its finances so complexly, no one truly knows the real picture.  What is for certain is it has access to free money with Bloomberg revealing interest on its billions of debt is 0.1%

 

“What happens when that House of Cards collapses?  New Zealand First is not against inwards investment but unlike this government we’re against being used and we need to take back control,” Mr Peters said.