Australian futures fund told off

Press, 13 February 1982, Page 20

Australian futures fund told off

PA Sydney The New Zealand Overseas Investment Commission has told the Southern Cross Commodities group, of Adelaide to cease trading in New Zealand , the “Financial Review,” reported yesterday. The OIC is a similar body to Australia’s Foreign Investment Review Board and OIC approval is needed by any foreign company planning to set up business in New Zealand. However, Southern Cross Commodities was set up in New Zealand in the middle of last year without permission from the OIC, and is continuing to trade despite formal notice from the commission to cease. The “Review” says that

the Southern Cross office in Auckland was open last week although the Wellington office closed in January. The “Review” quotes Southern Cross Commodities company secretary, (Mr Keith Martin) as describing New Zealanders as a nation of “zombies” living under an “elected dictatorship" which in terms of efficient government “was among the worst on earth." The OIC decision was made after protracted negotiations with Southern Cross Commodities Futures. Ltd. and the OIC wrote to Southern Cross last December saying the company had begun trading without the commission’s consent.