Ironic end to champion co-op
Westland Milk Products’ sale to Chinese interests is an ironic end to the co-op, which last August was named New Zealand’s 2018 Cooperative Business of the Year.
It was revealed this month that the Treasury argued against the Government lending Westland Milk Products $9.9 million but its advice was ignored. One reason the Treasury was against the loan was because Westland was having problems obtaining a loan from its bank on acceptable terms and the Government would then be acting as a lender of last resort.
The money had not been handed over as contract negotiations were continuing.
