Peters Winston: Oral Questions — Questions to MinistersText is incorporated into the Bound VolumePeters Winston: Oral Questions — Questions to Ministers[Sitting date: 03 May 2016. Volume:713;Page:10655. Text is incorporated into the Bound Volume.]2.Rt Hon WINSTON PETERS (Leader—NZ First) to the Minister of Finance: Does he stand by his statement on 11 November 2015 regarding Silver Fern Farms “The parties to the deal have every incentive to ensure that it is a good deal and actually every incentive to ensure that it is lawful”?Hon STEVEN JOYCE (Acting Minister of Finance): Yes.Rt Hon Winston Peters: If it was lawful why have shareholders taken legal action to ensure the board of Silver Fern Farms abides by the Companies Act and its own constitution by demanding a special resolution on the selling of our largest meat exporter to majority Chinese State-owned enterprise control?Hon STEVEN JOYCE: Because I imagine that in this country we are allowed to have shareholders take approaches to the courts or to their companies and they are allowed to do that on any day of the week.Rt Hon Winston Peters: So if it was lawful at the time he gave that answer why would it be lawful now for the company to carry on as though it is all too late which is what the chief executive officer is boasting at this point in time?Hon STEVEN JOYCE: I should clarify that I do not have direct responsibility for this company but I may be able to help the member out. There is a press release that is headed “Correction to Mr Peters’ Misleading Statements” released by the company today which perhaps the member has not seen. It makes some observations about there not being a U-turn that this particular resolution has not been set aside and that the company is calling a shareholders meeting because it has received the requisition notice requiring it to do so. If the member has not seen a copy of it perhaps I could supply it to him.Mr SPEAKER: Order! That will not help. [Interruption] Order! Supplementary question—the Rt Hon Winston Peters.Rt Hon Winston Peters: It might have fooled you sunshine but it will not fool me.Mr SPEAKER: Order! Now can we have the supplementary question.Rt Hon Winston Peters: Most certainly Mr Speaker because the company’s press release—Mr SPEAKER: Order! Lead with the question.Rt Hon Winston Peters: If section 129 of the Companies Act 1993 requires a company not to enter into any “major transaction” unless it has been approved by a special resolution then will the Ministers ask the Overseas Investment Office to suspend determination of Shanghai Maling’s application; if not why not?Hon STEVEN JOYCE: No because the supposition in the member’s question is I understand incorrect. Again I think he should read the press release because contrary to what he thinks it is he who is being taken for a ride.Rt Hon Winston Peters: Does the Minister from a Government that claims to be supportive of farmers think it is a good deal and lawful when shareholders were threatened with liquidation because profits were massively understated by 84 percent and debt seriously overstated in information given to the shareholders just before they voted?Hon STEVEN JOYCE: I understand there was a meeting where this particular transaction was put to the vote and 82 percent of shareholders of this particular company voted in favour of it. I suspect—Rt Hon Winston Peters: A tissue of lies.Hon STEVEN JOYCE: Well the member says it is a tissue of lies. He has the opportunity and I understand he has made a complaint to the relevant authorities. He should just let that complaint continue but as far as I can see the company has voted and it has actually passed the transaction.Rt Hon Winston Peters: What does it really say about his Government’s approach to the law whether tax or corporate that shareholders were told lies in a financial document so misleading that it is now the subject of a complaint to the Financial Markets Authority and in which information was corrected 25 days after shareholders voted?Hon STEVEN JOYCE: I understand that complaint is the member’s complaint. We actually have this old-fashioned notion in this country of due process natural justice the law; we do not adopt what is known as the Brendan Horan approach to justice or the Tracey Martin approach to justice. We actually have the law. [Interruption]Mr SPEAKER: Order!Rt Hon Winston Peters: I raise a point of order Mr Speaker. I seek an extension of time because we like a good joke for the Minister to carry on.Mr SPEAKER: That is not a point of order.