The Overseas Investment Office is expected to resubmit a recommendation to government ministers about the sale of the Crafar farms within days, not weeks.
Land Information Minister Maurice Williamson said while he did not have a clear timeframe, he expected to receive new advice from the OIO about the sale of the farms to a subsidiary of Chinese company Shanghai Pengxin that was consistent with yesterday's high court ruling within that timeframe.
Justice Forrie Miller's ruling called for a different test to be used by OIO when considering a section of the Overseas Investment Act that looked at the economic benefits of selling farm land to overseas buyers.
“This ruling changes the interpretation of how the economic factors ... should be assessed,” Mr Williamson said.
Yesterday, the government was ordered by the high court to reconsider its decision to allow the sale of the Crafar farms to a subsidiary of Chinese company Shanghai Pengxin.