Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Criminal conviction for overseas investor who misled OIO

(Headline abbreviated, original headline: Criminal conviction for overseas investor who misled the Overseas Investment Office)

An overseas investor pleaded guilty and has been convicted and fined $100,000 in the Auckland District Court for misleading the Overseas Investment Office (OIO) during an investigation into a property transaction. This is the first time a person has been convicted of an offence under the Overseas Investment Act 2005.

On Friday 7 February 2020, Dr Won Joo Hur pleaded guilty to one charge of obstructing an OIO investigation and he was fined $100,000.

Vanessa Horne, Group Manager for the OIO, says Dr Hur and his lawyer gave false information to the OIO in May 2017. “In July 2016, Dr Hur entered an agreement to buy a property in Helensville,” says Vanessa Horne. “The transaction could not be settled as Dr Hur was an overseas person and he did not have consent under the Overseas Investment Act for the purchase. A company associated with Dr Hur’s lawyer bought the property to avoid Dr Hur forfeiting a large deposit.

“The property purchase required consent under the Overseas Investment Act because the company was buying the land on behalf of Dr Hur. The OIO opened an investigation into the property transaction and requested information from Dr Hur and his lawyer.

“During the investigation, Dr Hur and his lawyer told the OIO the property was transferred at arm’s length from Dr Hur. This was untrue because Dr Hur paid the purchase price and was the beneficial owner of the property, with the company holding title to it on his behalf.

“They also created a false loan agreement to support their version of events and provided it to the OIO.”

Ms Horne says providing false information to the OIO is a criminal offence and undermines the overseas investment regime.

“We take enforcing New Zealand’s overseas investment rules very seriously and we will continue to take strong action against anyone who breaks the rules.”

Dr Hur’s lawyer, Dr Jaeho Choi, has pleaded guilty to the same charge and is due to be sentenced in the Auckland District Court on 28 April. Civil proceedings against the company that bought the property are pending before the High Court.


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Freight: New Report On Auckland Port Relocation

The Government has released a major new report on the options for relocating the Port of Auckland’s freight operations while deferring any decision on the issue. More>>

ALSO:

Chartered Accountants: COVID-19 Fails To Knock Kiwi Investor Confidence, But More Disclosure Wanted

Three months of COVID-19 lockdown and investment turmoil has done little to knock confidence in New Zealand capital markets and listed companies with overall investor sentiment very similar to 2019, an investor survey held in mid June shows. However, ... More>>

ALSO:

Taxation: Black-Market Tobacco Sidesteps $287 Million In Excise Tax

Year-on-year increases in consumption of illicit tobacco in New Zealand have seen illegal trade swell to 11.5% of the total market. If consumed legally, illicit products would have netted the Government $287 million in excise tax during 2019. Independent ... More>>

ALSO:

Energy Sector: Meridian Spilled Water To Hike Electricity Prices - Authority Ruling

The Electricity Authority has found that generator Meridian Energy manipulated the power market, costing consumers about $80 million. More>>

ALSO:

XE Data Update: RBNZ Official Cash Rate Decision

The RBNZ will keep the Official Cash Rate (OCR) at 0.25%. T he key points in the RBNZ statement are: RBNZ keeps the OCR unchanged at 0.25% Maintain the LSAP (large scale asset purchase) at NZD$60 billion. Committee prepared to use additional monetary ... More>>

ALSO:

Electricity: Kiwis Ignore Promise Of Cheaper Power

Electric Kiwi and Flick Electric Co are joint winners of Canstar Blue’s award for Most Satisfied Customers | Electricity Providers From putting on an extra layer – rather than turning on a heater – to turning off lights and choosing the energy-saving ... More>>

ALSO:

Electricity: Transmission Pricing For A Low Carbon Future

The Electricity Authority has decided on new guidelines for transmission pricing. James Stevenson-Wallace, Chief Executive of the Electricity Authority says the new guidelines will deliver significant benefits to consumers, through lower electricity ... More>>

ALSO:

NIWA: The Climate Record That Keeps Getting Broken

Among the multitude of New Zealand climate statistics there is one record that continues to be broken month after month. Since January 2017 there has not been one month that recorded a below average nationwide temperature, according to NIWA’s seven station ... More>>

ALSO:

Govt: Extended Loan Scheme Keeps Business Afloat

Small businesses are getting greater certainty about access to finance with an extension to the interest-free cashflow loan scheme to the end of the year. The Small Business Cashflow Loan Scheme has already been extended once, to 24 July. Revenue and Small ... More>>

ALSO:

Science: 2019 Prime Minister’s Science Prizes Announced

The 2019 Prime Minister’s Science Prizes have been announced in a digital livestream event today. The Prizes recognise the impact of science on New Zealanders’ lives, celebrate the achievements of current scientists and encourage scientists of the ... More>>

ALSO:


RNZ: Fuel, Alcohol Costs To Go Up From Today

The increase today in the taxes on fuel, road user charges and alcohol is being called a tone-deaf move. More>>

ALSO:

Stardome Observatory: Young Kiwi Astro-Photographer Shoots For The Stars

Matariki by Josh Kirkley. The stars are aligning for up-and-coming Auckland-based astro-photographer Josh Kirkley (Kāi Tahu). During lockdown, one of his images was picked up by NASA and shared on the space agency’s Instagram to its 59.2 million ... More>>


DCANZ: Time For EU To Commit To A Level Playing Field For Trade

The Dairy Companies Association of New Zealand (DCANZ) has welcomed New Zealand Trade Minister David Parker’s statement that it is unacceptable for New Zealand exporters to continue facing an ‘unlevel playing field’ in the EU. Details leaked ... More>>

ALSO:

Potatoes New Zealand: Protecting NZ Fries As Part Of PNZ Pandemic Recovery & Transformation Plan

Potatoes New Zealand has met with Minister Faafoi this week to discuss investigating the potential importation of heavily discounted frozen potato chips into New Zealand. With MBIE’s support we are undertaking an investigation to gather evidence of the ... More>>

ALSO:


New Zealand Government: Supporting Kiwi Businesses To Resolve Rent Disputes

The Government will legislate to ensure businesses that suffered as a result of the COVID-19 response will get help to resolve disputes over commercial rent issues, Justice Minister Andrew Little announced today. More>>

ALSO: