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

 

Paymark: Lockdown Equals Slowdown For Some

The three days of lockdown for Auckland earlier this month made a clear impression on our retail spending figures. While only Auckland moved into Level 3 lockdown, the impact was felt across the country, albeit at different levels. Looking at the ... More>>

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>

Sci-Tech: Perseverance Rover Lands On Mars – Expert Reaction

NASA has landed a car-sized rover on the red planet to search for signs of past life. The vehicle has more instruments than the four rovers preceding it, and it’s also carrying gear that could help pave the way for human exploration of Mars. The ... More>>

ALSO:


ASB: Quarterly Economic Forecast Predicts OCR Hike As Early As August 2022

Predictions of interest rate rises have been brought forward 12 months in ASB’s latest Quarterly Economic Forecast. Chief Economist Nick Tuffley now expects the RBNZ to begin raising the OCR from its current level of 0.25% as early as August ... More>>

ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>

Genesis: Assessing 6,000 GWh Of Renewable Generation Options For Development By 2025

Genesis is assessing 6,000 GWh of renewable generation options for development after starting a closed RFP process with 11 partners. Those invited to participate offer a range of technologies as Genesis continues to execute its Future-gen strategy to ... More>>

OECD: Unemployment Rate Stable At 6.9% In December 2020, 1.7 Percentage Points Higher Than In February 2020

The OECD area unemployment rate was stable at 6.9% in December 2020, remaining 1.7 percentage points above the level observed in February 2020, before the COVID-19 pandemic hit the labour market. [1] In December, the unemployment rate was also stable ... More>>

Stats NZ: Unemployment Drops To 4.9 Percent As Employment Picks Up

The seasonally adjusted unemployment rate dropped to 4.9 percent in the December 2020 quarter, from 5.3 percent in the September 2020 quarter, Stats NZ said today. Last quarter’s unemployment rate of 5.3 percent followed the largest increase observed ... More>>