John Holland's $1B buyout approved

FEDERAL Treasurer Joe Hockey has approved the $1 billion buyout of John Holland by China Communications Construction Company (CCCC).
John Holland's $1B buyout approved John Holland's $1B buyout approved John Holland's $1B buyout approved John Holland's $1B buyout approved John Holland's $1B buyout approved

Joe Hockey

Staff Reporter

The announcement follows reports last week that the Foreign Investment Review Board had delayed approval due to John Holland’s Defence Department contracts.

In making the announcement, Hockey said the federal government welcomed foreign investment where it was not contrary to national interest.

“Foreign investment has helped build Australia’s economy and will continue to enhance the wellbeing of Australians by supporting economic growth and prosperity,” he said.

He also commented on media reports about CCCC’s debarment from the World Bank in 2009, confirming he “sought advice and action on these and other issues in relation to CCCC”

“As a result, appropriate arrangements have been put in place to mitigate any concerns in relation to this issue and I am satisfied that this investment is not contrary to our national interest,” he said.

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