KEY POINTS:
Green MP Sue Kedgley is to seek a law change to stop the sale of a controlling share of Auckland International Airport to foreign owners.
Ms Kedgley has drafted a private members' bill which would prevent foreign buyers getting a controlling interest in any businesses deemed "strategic national assets".
Her Overseas Investment (Restriction on Foreign Ownership) Bill would amend the Overseas Investment Act by listing which assets were nationally strategic and limiting foreign ownership of them to 25 per cent.
Ms Kedgley, who has called for a bid by Dubai Aerospace for up to 60 per cent of Auckland International Airport to be halted, said under current law the Government had little power to stop such a sale.
"'Most New Zealanders don't want the takeover to go ahead but our Government is not able to respond to it. It has to sit on its hands because it doesn't have the power to do anything about it. A government ought to have powers to turn down takeovers if they believe it's in the national interest."
NZ First leader Winston Peters called for a similar law change last week.
He said he would fight the sale until the end - for financial and security reasons "and most importantly in our national interest".
A NZ First spokeswoman yesterday said in theory the party would support Ms Kedgley's bill, but it was difficult to comment before seeing the wording.
Ms Kedgley had not yet canvassed other political parties for support, but would do so before she entered the bill into the next ballot for private members' bills, in a fortnight.
While the bill was initially aimed at Auckland International Airport, it could be extended to cover other assets after public debate about what assets required such protection.
She said almost 95 per cent of applications for investment were approved. The bill should at least kindle more debate about how such assets should be protected.
"The Overseas Investments Act includes a lot of land, such as islands, which can't be sold. We've got more control over a few bits of land than over key strategic assets."
National Party leader John Key has previously indicated he would like the airport to remain in New Zealand hands.
Labour has refrained from taking a stance, because the airport land is deemed "sensitive" under the Overseas Investment Act so a decision on the takeover will be made by two Government ministers - Trevor Mallard and Lianne Dalziel - rather than the Overseas Investment Office.
