Controversial spiritual leader fined $1 2m over purchase of Northland properties
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Controversial Korean spiritual leader fined $1 2 million for purchasing Northland properties without consent
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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.
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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.