Treasurer tells GetSwift that FIRB approval unlikely
Luke Housego
GetSwift will continue to argue the case to relocate to North America in court despite receiving advance notice that the required Foreign Investment Review Board approval was unlikely.
In a letter dated 20 November, the treasurer Josh Frydenberg advised the company that he was "considering whether I should issue an order prohibiting GetSwift from making the proposed acquisition".
"I appreciate the time and effort that GetSwift have provided in engaging with the FIRB on its application," Mr Frydenberg said.
"However, without prejudging the outcome of Australian legal proceedings currently on foot, it is my preliminary view that the proposed acquisition would be contrary to the national interest at this time due to there being ongoing legal matters concerning [GetSwift Limited] which are yet to be resolved."
The treasurer said approval before the legal proceedings conclude could be prejudicial to any possible contingent creditors.
Shares in the company have dropped 9.4 per cent to 29¢ today.
