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Overseas investors fined $1.38m for using NZ relatives to buy land

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The businesses used relatives based in New Zealand to invest in forestry blocks on their behalf, in breach of the Overseas Investment Act. (File photo)
At the High Court in Auckland, Justice Downs found that while the family’s lawyer provided poor legal advice, the investors’ breaches were negligent.
The breaches were serious because the properties were large and acquired for commercial gain, Justice Downs said.
Overseas Investment Office group manager Anna Wilson-Farrell said investors in New Zealand needed to be careful when participating in or acting jointly with an overseas person to buy sensitive assets.
“Breaches of the act can come with serious consequences, including being required to sell property and pay civil penalties.” ....

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Overseas Investors To Pay $1.38 Million For Breaking Rules – Land Information New Zealand

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.
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New Zealand General , New Zealand , Anna Wilson Farrell , Investment Office , Investment Office Group , Farm Ltd , Paranui Forest Ltd , High Court , Overseas Investment , Smith Road Farm Ltd , Broad Farm , Overseas Investment Office , புதியது ஜீலாந்து ஜநரல் , புதியது ஜீலாந்து , அண்ணா வில்சன் ஃப்யாரெல் , முதலீடு அலுவலகம் , முதலீடு அலுவலகம் குழு , பண்ணை லிமிடெட் , உயர் நீதிமன்றம் , ஓவர்‌ஸீஸ் முதலீடு , சாலை பண்ணை , ஓவர்‌ஸீஸ் முதலீடு அலுவலகம் ,

auckland.scoop.co.nz » Overseas Investors To Pay $1.38 Million For Breaking Rules

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. ....

New Zealand General , New Zealand , Anna Wilson Farrell , Investment Office , Investment Office Group , Farm Ltd , Paranui Forest Ltd , High Court , Press Release , Land Information New , Overseas Investment , Smith Road Farm Ltd , Broad Farm , Overseas Investment Office , New Zealand , புதியது ஜீலாந்து ஜநரல் , புதியது ஜீலாந்து , அண்ணா வில்சன் ஃப்யாரெல் , முதலீடு அலுவலகம் , முதலீடு அலுவலகம் குழு , பண்ணை லிமிடெட் , உயர் நீதிமன்றம் , ப்ரெஸ் வெளியீடு , நில தகவல் புதியது , ஓவர்‌ஸீஸ் முதலீடு , சாலை பண்ணை ,