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The significant penalty follows a family purchasing five forestry blocks totalling 3,600 hectares for $12.8 million. The land at Awakino, Ngāruawāhia, Awaroa, Paranui and Manganui was acquired under the names of several companies. Those companies were Smith Road Farm Ltd, Paranui Forest Ltd and 488 Manganui Road Farm Ltd. The family used relatives based in New Zealand to invest on their behalf. The investors knew permission was required to buy the forestry blocks but did not seek Overseas Investment Office approval. While the family’s lawyer provided poor legal advice, the Court found that the investors’ breaches were negligent. TDB Recommends NewzEngine.com ....
Press Release – Land Information New Zealand The High Court in Auckland this week ordered overseas investors to pay penalties totalling $1.38 million and legal costs for breaching the Overseas Investment Act. The significant penalty follows a family purchasing five forestry blocks totalling 3,600 hectares for $12.8 million. The land at Awakino, Ngāruawāhia, Awaroa, Paranui and Manganui was acquired under the names of several companies. Those companies were Smith Road Farm Ltd, Paranui Forest Ltd and 488 Manganui Road Farm Ltd. The family used relatives based in New Zealand to invest on their behalf. The investors knew permission was required to buy the forestry blocks but did not seek Overseas Investment Office approval. While the family’s lawyer provided poor legal advice, the Court found that the investors’ breaches were negligent. ....
The buyer of five forestry blocks used New Zealand-based family members to make the transactions. The Overseas Investment Office has stung overseas forestry investors with $1.38 million in fines for using New Zealand-based relatives to invest on their behalf. According to the regulator, five forestry blocks totalling 3600ha in Awakino, Ngāruawāhia, Awaroa, Paranui and Manganui were purchased by several companies for $12.8m. The purchasing companies, Smith Road Farm, Paranui Forest and 488 Manganui Road Farm, are all directed by Hamilton-based Jihai Hu and China-based Menglu Song. Smith Road Farm and Paranui Forest are ultimately owned by Songs Trustee Ltd, owned by Song; 488 Manganui Road Farm is owned by Hu. ....
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8 things to do this weekend: April 2-4 Easter egg hunts for kids and adults alike, a truffle food experience and a stroll through some flowers are just some of the things that made our list this week. Author: Destiny Johnson (KGW) Updated: 11:42 AM PDT April 1, 2021 PORTLAND, Ore. Spring is the thing and the Easter bunny is coming to town this weekend, which means there are a lot of outdoor activities you can participate in safely. From Easter egg hunts for adults to COVID-safe ones for littles, to casual strolls through flowers, here is our list of 8 things to do this weekend: ....