National Party President selling out?

Written By: - Date published: 12:09 pm, May 12th, 2016 - 14 comments
Categories: capitalism, national - Tags: , , , ,

Peter Goodfellow

Peter Goodfellow

National Party President Peter Goodfellow, may be selling out of Sanford Ltd, the giant, family-controlled fishing company, flicking a good chunk of his holding to Japan’s biggest seafood company, according to a report in the Nikkei Asian Review on Monday.

Veteran New Zealand journalist Mike Field, who has recently published The Catch: How Fishing Companies Reinvented Slavery and Plunder the Oceans,  exposing slave working conditions and fishing practices on foreign charter vessels in NZ waters, reported that Goodfellow, a scion of one of New Zealand’s wealthiest families, requested Maruha Nichiro to buy a 4.7% stake.

The $25 million deal prompted considerable curiosity because it involved an off-market purchase of shares from Sanford’s second biggest shareholder, Avalon Investment Trust, which is run by the family of Peter Goodfellow, Field wrote.

Avalon retains a 9.2% holding. The largest shareholder, Amalgamated Dairies, with around a third of the company, is also a company controlled by the Goodfellow family, which is credited with setting up the entity that today is known as Fonterra.

Also within their near billion dollars asset pile is a big chunk of formerly New Zealand, but now Australian, agro-chemicals company, Nufarm, which recently closed factories in New Zealand.

The Australian Financial Review in March reported that Nufarm was the subject of Chinese takeover speculation after the chairman of one of China’s biggest glyphosate producers, Zhang Hua, informed the Australian Securities Exchange he, and British Virgin Island companies he controls, had bought a 5% stake.  The Sanford move comes just ahead of woefully belated radical changes aimed at forcing international fishing boats to end controversial employment practices, forced on a reluctant government thanks to pressure put on by academics and journalists, such as Field.

The shakeup will end foreign charter vessel fishing in our 4 million square kilometre exclusive economic zone.

Charter vessels took 42% of the national catch between 1950 and 2010 but Field says the industry is uneasy about a soon-to-be-released academic study showing that the total catch of fish over 61 years was 2.1 times greater than was reported.

“Industry insiders believe the report, compiled by experts from three major universities as part of a global study on fisheries, will lead to a radical overhaul of New Zealand’s fish quota system, including substantial cuts in the quotas awarded to fishing companies, which determine how many fish they can catch,” the Nikkei report says.

Maruha has a long record of involvement in New Zealand waters, but it had no equity stake in the domestic industry until purchasing the stake in Sanford, which has a market capitalization of $543 million.

The sale, at a small discount of $5.68 per share against the current price of $5.73, is all the more perplexing because Sanford, which has had a number of lean years due to the crazily high New Zealand dollar value, is poised to benefit from a series of “tailwinds” according to market analysts.

The prospects for the first half of this financial year and for the full year are “very positive”, according First NZ Capital’s Sanford analyst, Kar Yue Yeo.

“Buoyed by a more favourable NZD/USD and lower fuel prices, our expectation is for Sanford to deliver an earnings before interest, tax, depreciation and amortisation of $38 million.”

That would be up 12% on the 2015 year and the highest since 2009, Yeo says.

“As a major aquaculture operator and owner of fish quota in NZ, Sanford is a beneficiary of on-going growth in global demand for protein and potential increase in seafood prices.”

Maruha Nichiro told Field it had no strategic reason for taking a Sanford shareholding and said it had no intention to increase its stake and “no political motives, such as expanding fishing rights” in taking a share.

Sanford said that while the company had enjoyed a “business relationship … with Maruha Nichiro over many years” the request for the Japanese company to buy shares “came from a shareholder” and not from Sanford. The Goodfellow family did not respond to a request for comment.

Glenn Simmon, a research fellow at Auckland University’s New Zealand/Asia Institute who is an expert on New Zealand’s fishing industry, said it was difficult to know what objectives Sanford and Maruha were pursuing. “The ownership of the fishing industry is hugely complex and nothing is as it seems,” he said. “We can only wait and see what happens.”

Sanford in its annual report said it had 49 vessels and 210 aquaculture farms for mussels and salmon. It holds 23% of the total New Zealand fishing quota.

Field’s book, published in 2014, was the result of years of study documenting the “slaves” who work in inhumane conditions for virtually no money for companies that send them out in re-named, re-flagged rust-buckets to, as the subtitle puts it, to “plunder the oceans”.

New Zealand was shown in the book to have been a major enabler of slavery at sea by allowing foreign vessels that didn’t have to comply with our labour and safety laws to fish domestic quota.

The complicity of the government in this is similar to the current Panama Papers scandal that has exposed how New Zealand foreign trusts are allowed to base here with no obligation to pay tax on offshore earnings. Indeed it would be no surprise to find the foreign fishing companies making use of this rort as well.

(Simon Louisson formerly worked for The Wall Street Journal, NZPA, Reuters, The Jerusalem Post and was most recently a political and media adviser to the Green Party)

 

14 comments on “National Party President selling out?”

  1. save nz 1

    +100

    Interesting that Nufarm has been sold to Australia – NZ companies being hocked off before our eyes and our NZ companies being closed without anyone noticing.

    No wonder governments like to concentrate on taxing the middle class, the billionaires related to government are just getting a free ride and richer and richer, taking more NZ companies off shore and makes the National party NZ tax haven status make sense now.

  2. MikeG 2

    I don’t understand this sentence:
    “The largest shareholder, Amalgamated Dairies, with around a third of the company, is also a company controlled by the Goodfellow family, which is credited with setting up the entity that today is known as Fonterra.”

    Wasn’t Fonterra created by merging Kiwi Dairy, NZ Dairy Group and NZ Dairy Board?

    • Frank Stark 2.1

      This from NBR’s Rich List on the Goodfellows:
      The Goodfellow family has been credited with pretty much kick-starting the New Zealand dairy industry as we know it – launching the cooperative model that is the basis of this country’s biggest company, Fonterra. It started under Sir William Goodfellow’s charge, then passed into the hands of his son, Douglas, who diversified family interests into fishing, food, finance, property, clothing and engineering. Following Douglas’s death, at age 97, last year – the mantle passes to his sons: Bruce Goodfellow and National Party president Peter Goodfellow.

    • Ian 2.2

      Don’t let the facts get in the way of a good smear.

  3. adam 3

    And this is just one of the reasons that the labour movement had a international out look. The Tory capitalist classes do, we should too.

    Once again thanks for a great piece Simon.

    • Chooky 3.1

      +100

    • RedLogix 3.2

      And this is just one of the reasons that the labour movement had a international out look.

      And the capitalists rushed to fill the vacuum we left.

      Another highly polished and professional contribution from Simon. We’re damned lucky to have someone of his calibre.

  4. NZJester 4

    Ways to make money from New Zealand.
    Step 1: Buy New Zealand company with a good reputation that is lacking a bit of cash.
    Step 2: Slowly start using the brand on cheaper made goods produced outside New Zealand.
    Step 3: Run the New Zealand plants into the ground with lack of proper maintenance.
    Step 4: Close the factory once it becomes to costly to repair, knowing a new Zealand company will not simply be able to buy it and start using it to compete with them.
    Step 5: Move all the brands out of New Zealand to countries with even cheaper labor and keep profiting from the good reputation of the product brand name that New Zealand spend years building up.

    The onshore part of the fishing industry has also been rundown and most of the fish just go directly out of our water without even coming to shore and value being added to them by processing.

    • save nz 4.1

      +1 NZJester

      Step 6, have faulty non New Zealand products wearing the NZ name and destroy the brand name of NZ as being good reputation with high standards.
      Step 7, Further destroy NZ brand for producers still producing in NZ so they go under.
      Step 8, Bring in TPPA and not be allowed to label country of origin and take the lowest global standard as the standard to meet. Big companies sue governments and small companies can’t compete with the complexity of global rules and larger companies buying up the country and companies to asset strip them.
      Step 9, The lowest global standard prosper as they have nobbled the higher standards companies and choices and brands for consumers. The race to the bottom has ended and the .1% own everything and consumers just have a monoculture of choices.

  5. Stuart Munro 5

    “Captain, captain. What’ll you give me,
    If I do sink the Sanford Reverie,
    If I sink her in the low down, lonesome lowdown,
    Sink her in the low down lonesome low.”

    • Andrea 5.1

      For Stuart: Absolute grief in the courts on any charge that has less adhesive than a sticky note, until your family is broken, you’re bankrupt, [RL: Deleted. Banned for one week], your name is mud and even WINZ won’t give you a pittance.

      ‘Bring it on…’

      • Stuart Munro 5.1.1

        Your comment is pretty incoherent, but for the record I was in deepsea fishing. My life was ruined and there is absolutely nothing left you can do to me. But Sanford were not implicated in my professional demise – they are merely a parallel pool of extreme scumbaggery.

        1% of Japan’s fishery returns and employment – and clowns like these are the reason why.

  6. Brian 6

    Yeah, their pretty guilty. Especially after the most recent court case.

    http://postimg.org/image/mtrh6wegx/

  7. Brian 7

    Remember that a big slavery case – or case for unpaid wages – has now been one.

    And Sanford and very, very much complicit:

    http://postimg.org/image/mtrh6wegx/

Recent Comments

Recent Posts

  • CTU speech – DPM
    Ladies and gentlemen, NZCTU President Richard Wagstaff, members of respective unions – thank you for the invitation to speak to you today. This might be preaching to the choir, but the importance of trade unions in New Zealand’s historical arch is difficult to understate. And it is my belief that ...
    BeehiveBy beehive.govt.nz
    14 hours ago
  • Police Association Annual Conference
    "Let’s start by acknowledging that it has been a huge year. " Police Association Annual Conference James Cook Grand Chancellor Hotel Wellington Nau mai, haere mai. Tēnā koutou, tēnā koutou, ka nui te mihi, ki a koutou katoa. President of the Police Association, Chris Cahill; Members of the Association and ...
    BeehiveBy beehive.govt.nz
    15 hours ago
  • New Zealand announces a further P-3 deployment in support of UN sanctions
    Minister of Foreign Affairs Winston Peters and Minister of Defence Ron Mark have announced the New Zealand Government’s decision to again deploy a Royal New Zealand Air Force P-3K2 (P-3) maritime patrol aircraft to support the implementation of United Nations Security Council (UNSC) resolutions imposing sanctions against North Korea. New ...
    BeehiveBy beehive.govt.nz
    18 hours ago
  • New Zealand deeply concerned at developments in north-east Syria
    Foreign Affairs Minister Winston Peters says New Zealand continues to have serious concerns for peace and stability in north-east Syria. “Recent reports that hundreds of ISIS-affiliated families have fled from a camp are deeply concerning from a humanitarian and security perspective”, Mr Peters says. “While we acknowledge Turkey’s domestic security ...
    BeehiveBy beehive.govt.nz
    18 hours ago
  • Government on high alert for stink bugs
    Biosecurity Minister Damien O’Connor is warning travelling Kiwis to be vigilant as the high-season for the crop-eating brown marmorated stink bug (BMSB) is under way. “We’re on high alert to stop BMSB arriving in NZ. The high season runs until April 30 and we’ve strengthened our measures to stop stink ...
    BeehiveBy beehive.govt.nz
    19 hours ago
  • Better protections for students in halls of residence
    The Government is moving swiftly to change the law to improve the welfare and pastoral care of students living in university halls of residence and other tertiary hostels. Cabinet has agreed to several changes, including creating a new mandatory Code of Practice that sets out the duty of pastoral care ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • New trapping guide for community and expert trappers alike
    The Minister for Conservation Eugenie Sage has launched a new comprehensive trapping guide for community trappers to help them protect our native birds, plants and other wildlife, at Zealandia in Wellington today. ‘A practical guide to trapping’, has been developed by the Department of Conservation (DOC), and was launched during ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Widening Access to Contraceptives Welcomed
    Associate Health Minister Julie Anne Genter welcomes PHARMAC’s move to improve access to long-acting reversible contraception (LARCs). PHARMAC has today announced it will fund the full cost of Mirena and Jaydess for anyone seeking long term contraception, lifting previous restrictions on access to Mirena. “I welcome women having greater choices ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Major upgrade for Taranaki Base Hospital
    The Government has approved the next stage of a major redevelopment of Taranaki Base Hospital, which will deliver new and improved facilities for patients. Health Minister Dr David Clark has announced details of a $300 million dollar project to build a new East Wing at the New Plymouth hospital. It ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Extra support for rural families
    Extra funding will allow Rural Support Trusts to help farming families, says Minister for Rural Communities and Agriculture Damien O’Connor. “I know that rural families are worried about some of the challenges facing them, including the ongoing uncertainty created by the Mycoplasma bovis outbreak. “Those concerns sit alongside ongoing worries ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Howard Leaque Beekeeper programme graduation
    Thank you for the opportunity to be here to present certificates to the 16 graduates who have completed a beekeeping course delivered by the Howard League.  Let us start by acknowledging Auckland Prison’s Deputy Prison Director Tom Sherlock, and Acting Assistant Regional Commissioner of Corrections Northern Region Scott Walker - ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Finance Minister to attend APEC meetings
    Finance Minister Grant Robertson leaves this weekend to attend the APEC Finance Ministers meeting in Santiago, Chile. Discussions between APEC Finance Ministers at the meeting will include the effects of the current global economic uncertainty, risks for APEC economies and sustainable development of the region. While at APEC Grant Robertson ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Pacific languages are a source of strength, they ground us and build confidence
    The Minister for Pacific Peoples Aupito William Sio says for Pacific people, language can be a source of strength. It can help ground us and give us confidence. When we speak them, our languages provide us with an immediate and intimate access to our identity and our story - and ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Major boost to support disabled people in sport and recreation
    The Coalition Government has announced an action plan to improve the wellbeing of disabled New Zealanders by addressing inequalities in play, active recreation and sport. The initiative includes training to develop a workforce that understands the needs of children and young people with a range of impairments, advocacy for fit ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • More prefab homes to be built as red tape cut
    The construction sector is being freed up to allow more homes to be built more quickly as the Government cuts through some of the red tape of the Building Act.  “Every New Zealander deserves a warm, dry, safe home and old inefficiencies in the Building Act make building slow and ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Further details of Prince of Wales and Duchess of Cornwall visit to New Zealand
    Prime Minister Jacinda Ardern has welcomed further details on the Prince of Wales and Duchess of Cornwall’s visit to New Zealand next month. Their Royal Highnesses will visit New Zealand from 17-23 November – their third joint visit to New Zealand and first in four years. They arrive in Auckland ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • O’Connor in Thailand to push for RCEP deal
    Minister of State for Trade and Export Growth and Minister of Agriculture, Damien O’Connor, heads to Thailand today to attend the final Regional Comprehensive Economic Partnership (RCEP) Ministerial meeting, as negotiations enter their final stages. “The RCEP Agreement would anchor New Zealand in a regional agreement that covers 16 countries, ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Young Pacific people can access earning and learning opportunities in Hawke’s Bay, Otago and South...
    Pacific young people living in the Hawke’s Bay, Southland and Otago regions will have access to support services that have proved successful in helping young people find new earning and learning opportunities. “Tupu Aotearoa is about changing Pacific young peoples’ lives. Our young people are talented, they are smart, they ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Protecting wellbeing – ACC HQSC Trauma Forum
    Introduction As the Minister for ACC I thank you all for the work that you do supporting New Zealanders in their literally most vulnerable moments. From those who hold people’s lives in their hands, to the people who research technique, technology and trends, your work is highly valued. A special ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • NZ economy in good shape – notes prepared for speeches in Christchurch
    Notes prepared for speeches in Christchurch – Wednesday 9 October 2019 Today’s topic, “trends and opportunities for the New Zealand economy,” is certainly one getting a great deal of commentary at the moment. Looking across the media landscape lately you’ll notice we aren’t the only ones having this discussion. There ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • World Mental Health Day a reminder of the importance of mental health work
    Minister of Health Dr David Clark and Associate Minister of Health Peeni Henare say this year’s World Mental Health Day theme is a reminder of why the Government’s work on mental health is so important. “This year the World Federation for Mental Health has made suicide prevention the main theme ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Cultural Ministers Meeting
    Associate Arts, Culture and Heritage Minister Carmel Sepuloni will represent the government at Australia’s Meeting of Cultural Ministers in Adelaide this week. “This year’s meeting is special because New Zealand is expected to become an International Member of the Meeting of Cultural Ministers at this Australian forum,” Carmel Sepuloni said. “The meeting is an opportunity to ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • 608 claims resolved by GCCRS in first year
    The Greater Christchurch Claims Resolution Service has resolved 608 insurance and EQC claims in its first year in operation, Minister Megan Woods has announced. The government service, which celebrates its first birthday today, provides a one stop shop to help Cantabrians still battling to get their homes repaired or rebuilt ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • NZ economy in good shape
    Today’s topic, “trends and opportunities for the New Zealand economy,” is certainly one getting a great deal of commentary at the moment. Looking across the media landscape lately you’ll notice we aren’t the only ones having this discussion. There has been an increasing amount of attention paid to the outlook ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • NZTA to refocus on safety following review
    The Government is acting swiftly to strengthen NZTA’s regulatory role following a review into the Transport Agency, and Ministry of Transport’s performance as its monitor, Transport Minister Phil Twyford said today. An independent review by Martin Jenkins has found NZTA failed to properly regulate the transport sector under the previous ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Joint Cooperation Statement on Climate Change between the Netherlands and New Zealand
    The Netherlands and New Zealand have a long-standing and close relationship based on many shared interests and values. We value the rule of law, our democracies, and multilateralism.  And we value our environment – at home and globally. Right now there are major global challenges in all of these areas – ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government putting right Holidays Act underpayment in Health
    The Government is putting right a decade’s worth of underpayment to nurses, doctors and other health workers, says Health Minister Dr David Clark.  Initial sampling of District Health Boards payroll records has found that around $550-$650 million is owed to DHB staff to comply with the Holidays Act. It’s expected ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government accounts show strong economy
    A strong surplus and low debt show the economy is performing well, and means the Government is in a good position to meet the challenges of global economic uncertainty. “The surplus and low levels of debt show the economy is in good shape. This allows the Government to spend more ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Ministers approve application to expand Waihi mine
    New applications from mining company OceanaGold to purchase land in Waihi for new tailings ponds associated with its gold mines have been approved. Minister of Finance Grant Robertson and Associate Minister of Finance David Parker considered the applications under the Overseas Investment Act. Earlier this year, applications from OceanaGold to ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Tuia 250 Voyage flotilla launches with tribute to tangata whenua
    New Zealanders in Tūranganui-a-Kiwa / Poverty Bay will witness Māori, Pākehā and Pacific voyaging traditions come together today as the Tuia 250 Voyage flotilla assembles for the first time, Māori Crown Relations: Te Arawhiti Minister Kelvin Davis says. “Tuia 250 is a national commemoration and an opportunity for honest conversations ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Visit to advance trade agenda with Europe and the Commonwealth
    Minister for Trade and Export Growth David Parker leaves tomorrow for Dubai, London and Berlin for a series of meetings to advance New Zealand’s trade interests.  In Dubai he will visit New Zealand’s Pavilion at Expo 2020 where construction is underway.  There he will meet Minister of State for International Cooperation, Her ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • More cancer drugs confirmed – even more on horizon
    Confirmation that PHARMAC will fund two new cancer drugs is further evidence of the good progress the Government is making to improve the treatment of New Zealand’s leading cause of death, Health Minister David Clark says. From 1 December PHARMAC will fund alectinib (Alecensa) for ALK positive advanced non-small cell ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Boost for women in high performance sport
    An additional $2.7 million has been announced for the Government Strategy for Women and Girls in Sport and Active Recreation on the first anniversary of the strategy’s launch. Sport and Recreation Minister Grant Robertson gave the opening address to the first Sport NZ Women + Girls Summit in Wellington today, ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Parent support to help retain skilled migrants
    As part of its work to ensure businesses can get the skilled workers they need, the Coalition Government is re-opening and re-setting the Parent Category visa programme, Immigration Minister Iain Lees-Galloway says. The move will: support skilled migrants who help fill New Zealand’s skills gaps by providing a pathway for ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Senior NZDF Officer to lead Peacekeeping Mission in the Sinai Peninsula, Egypt
    Minister of Defence Ron Mark has today announced Major General Evan Williams of the New Zealand Defence Force has been selected as the commander of a significant, longstanding peacekeeping mission in the Middle East. In December, Major General Williams takes over as Force Commander for the Multinational Force and Observers ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Nurses star as Govt rebuilds health workforces
    A record number of nurses are now working to deliver health services to New Zealanders as the Government’s increased funding and new initiatives rebuild key workforces start to show results, Health Minister Dr David Clark says. •    1458 more DHB nurses since the Government took office •    106 more midwives ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New agricultural trade envoy appointed
    Farmer and former Nuffield scholar Mel Poulton has been appointed New Zealand’s Special Agricultural Trade Envoy, Minister for Trade and Export Growth, David Parker, and Minister of Agriculture, Damien O’Connor, announced today. The position supports key Government objectives, including raising the value of New Zealand agricultural goods and services. Mel is ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Pacific and Māori voyaging heritage celebrated for Tuia 250
    New Zealand’s Pacific and Māori voyaging heritage is acknowledged and celebrated today as waka of the Tuia 250 voyage flotilla arrive in Tūranga / Gisborne. “Today we celebrate Tangata Whenua, the first people of Aotearoa, and the triumphs of the voyaging tradition that brought our ancestors here from Polynesia 1000 ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Pacific languages are a root from which prosperity will grow
    “Fijian Language Week starts on Sunday and the theme reminds us how important it is that we each have something to anchor ourselves to, something that can help us pause and feel in control in a rapidly changing world,” says Minister for Pacific Peoples Aupito William Sio. “Family, culture, faith, ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • NZ Government establishes innovative, industry-focused Airspace Integration Trials Programme
    The Government is establishing an Airspace Integration Trials Programme to support the safe testing and development of advanced unmanned aircraft and accelerate their integration into the aviation system, Research, Science and Innovation Minister Megan Woods announced today. The Government will work with leading, innovative aviation industry partners to test and ...
    BeehiveBy beehive.govt.nz
    2 weeks ago