Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

Forestry investor gets formal warning


18 December 2019

Forestry investor gets formal warning for breaking overseas investment rules

The Overseas Investment Office (OIO) has issued a formal warning to forestry investor Roger Dickie for breaking the overseas investment rules.

OIO Group Manager, Vanessa Horne, says Mr Dickie and his companies specialise in finding land for forestry investors to buy.

“In May 2018, Mr Dickie was involved in the sale and purchase of Hadleigh Station in Wairarapa by an overseas investor,” Ms Horne says.

“During the transaction Mr Dickie’s company, Roger Dickie Hadleigh Limited (RDHL), breached the rules by agreeing to acquire a property on behalf of an overseas investor without consent under the Overseas Investment Act.

“In this case, the associate provision of the Act was breached because RDHL entered an agreement to purchase Hadleigh Station on behalf of the overseas investor without prior consent from the OIO.

“After RDHL entered into the agreement, the agreement was transferred into the overseas investor’s name, which was subject to OIO approval.

“The OIO has investigated and found the intention was always for the overseas investor to acquire the property.

“The associate provision is in place to ensure overseas investors don’t side-step the OIO by using intermediaries during transactions.”

The OIO required the overseas investor to apply for retrospective consent to the acquisition and pay a retrospective penalty of $10,000.

“We are satisfied that the overseas investor relied upon Mr Dickie’s advice and the failure to obtain consent on their part was inadvertent,” Ms Horne says.

“Mr Dickie has shown that he has improved his business practices since the sale and purchase of Hadleigh Station.

“We have put Mr Dickie on notice that if he breaks the rules again we will be taking further action.”

Ms Horne says the OIO takes breaches of the Overseas Investment Act very seriously.

FAQs:

Why did the OIO conclude RDHL was acting as an associate for the overseas investor?

The OIO found RDHL was acting as an associate of the overseas investor because correspondence between them discussed the offer and consulted on details, including the price.

Correspondence also showed there was an expectation Mr Dickie was securing the land on the overseas investor’s behalf. In addition, the deposit for the land paid by RDHL was backed by a guarantee from the overseas investor.


ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Clark Exit, Convention Centres, And The Killing Of Hachalu Hundessa


Goodbye, David Clark. In the end, the outgoing Health Minister decided that in the midst of a pandemic the best thing he could do for New Zealand would be to no longer be there – given that being there had involved hiving off on his mountain bike during a lockdown, and throwing the country’s most beloved Health bureaucrat under a bus. As Clark indicated so memorably at last week’s press conference, when it comes to managing public health risks at the border the buck stops with…that guy over there! In the aftermath of that debacle, Clark reached the same conclusion the nation had reached some time ago, that leadership just wasn’t his thing. Once again, he got on his bike.... More>>
 

Government: David Clark Resigns As Health Minister

The Prime Minister Jacinda Ardern has accepted David Clark’s resignation as Health Minister. More>>

ALSO:

Election 2020: Green Party Unveils Income Policy

The Green Party is today unveiling its Poverty Action Plan, which includes a Guaranteed Minimum Income to ensure people have enough to live with dignity. The scheme resets income support payments to ensure everyone not in full-time paid work gets at least ... More>>

ALSO:


Conservation: New Protection For Dolphins

Extensive new protections are being put in place as part of an updated plan to look after New Zealand’s native Hector’s and Māui dolphins, announced Minister of Fisheries Stuart Nash and Minister of Conservation Eugenie Sage today. More>>

ALSO:

Auckland: Water Consent Referred To Board Of Inquiry

Environment Minister David Parker has today “called in” Auckland’s application to the Waikato Regional Council to take an extra 200 million litres of water a day from the lower reaches of the Waikato River for Auckland drinking water and other municipal uses... More>>

ALSO:

Gun Law: A New Firearms System Focused On Safety

Tougher gun laws will begin to take effect from next week following the passage of new firearms legislation through Parliament today. The Minister of Police says the Third Reading of the Arms Legislation Bill is an historic milestone for community ... More>>

ALSO:

Government: Building A Stronger Health And Disability System

The Government is committing to a long-term programme of reform to build a stronger New Zealand Health and Disability System that delivers for all. More>>

ALSO:

National: Todd Muller Announces Caucus Reshuffle

Today I am confirming a minor shadow cabinet reshuffle due to the retirement of Paula Bennett. Dr Shane Reti will be ranked number 13 and will take on Associate Drug Reform. Shane has demonstrated a huge intellect and capacity for work, supporting ... More>>

Biosecurity: Winston Peters On EU Travel: 'We're Not Going To Compromise Our Country's Health'

Foreign Minister Winston Peters says New Zealanders who head to Europe on holiday should pay for their two weeks' hotel quarantine when they return. More>>

Economy: Infrastructure Investment To Create Jobs, Kick-Start COVID Rebuild

A new package of infrastructure investments will help kick-start the post-COVID rebuild by creating more than 20,000 jobs and unlocking more than $5 billion of projects up and down New Zealand. Finance Minister Grant Robertson and Infrastructure Minister ... More>>

ALSO:

Covid-19: Isolation System To Be Beefed Up After Stress

A range of improvements are already underway to address issues identified in the rapid review of the Managed Isolation and Quarantine system released today, Housing Minister Megan Woods said. The review was commissioned just over a week ago to identify ... More>>

ALSO:

Election 2020: Parties Get Into Gear

ACT has today announced its list for the 2020 General Election. “The calibre and experience of our candidates will impress voters of every persuasion. We have candidates from all walks of life. People who have built their homes, families and businesses ... More>>

ALSO:


Int'l Trade: New Zealand To Host Virtual APEC In 2021

Foreign Affairs Minister Winston Peters and Trade and Export Growth Minister David Parker announced today that New Zealand’s hosting of APEC in 2021 will go ahead using virtual digital platforms. Mr Peters said the global disruption caused by COVID-19, ... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels