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


West Drury Holding Limited To Pay $125,000 For Breaking Overseas Investment Rules

A decision by the High Court in Auckland has found West Drury Holding Limited (WDHL) breached the Overseas Investment Act rules when purchasing sensitive land in Drury in June 2017.

WDHL admitted that a shareholder who held 39 percent of its shares was an overseas person when the company purchased the $9.2 million property in Drury.

Therefore, the company is considered to be an overseas person and it should have sought consent to buy the property.

The company told the court it didn’t know it needed to apply for consent because the shareholder held a residence class visa. However, the shareholder did not meet the definition of ordinarily resident under the Overseas Investment Act as he was not residing in New Zealand with the intention of residing here indefinitely.

While the Court acknowledged there was a misunderstanding of the rules, Justice van Bohemen said “the mistake should have been avoided by undertaking appropriate enquiries.”

Overseas Investment Office Group Manager Anna Wilson-Farrell says “the case demonstrates the need for overseas investors to get specialist legal advice on the Overseas Investment Act. When we discover that someone has broken the rules, we take appropriate enforcement action.”

WDHL was ordered by the Court to pay a penalty of $125,000 and $15,000 in legal costs.

The court noted that over the last four years the company had benefited from owning the property.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Welcoming The Major Health Reforms

Usually “reform” of government agencies is a cost cutting exercise in disguise, but this morning’s revision of the health system looks totally different. These reforms amount to the biggest shake-up of the health system since the neo-liberal reforms of the early 1990s, which have now been completely reversed. Good. The main ingredients announced by Health Minister Andrew Little this morning have included the setting up of a new and truly independent Maori Health Authority... More>>


NZ & Globe: Leaders’ Summit On Climate To Raise Ambition On Climate Action

Prime Minister Jacinda Ardern joined President Biden at the virtual Leaders’ Summit on Climate hosted by the United States overnight. The summit, held for Earth Day, brought world leaders together to galvanise efforts to reduce emissions this decade ... More>>


The Conversation: If We Want To Improve NZ’s Freshwater Quality, First We Need To Improve The Quality Of Our Democracy
Since the fatal Havelock North campylobacter outbreak in 2016, freshwater quality has rightfully been a major political issue in Aotearoa New Zealand... More>>

Government: Major Reforms Will Make Healthcare Accessible For All NZers

Putting a greater emphasis on primary healthcare and ensuring fairer access for all New Zealanders are two of the main drivers of health sector reforms announced today by Health Minister Andrew Little. “We are going to put the emphasis squarely ... More>>


Local Government: Independent Review To Explore Future

Local Government Minister Nanaia Mahuta says an independent review of local government will explore how councils can maintain and improve the wellbeing of New Zealanders in the communities they serve long into the future. More>>


PM Ardern And PM Morrison: Commencement Of Two-Way Quarantine-Free Travel Between Australia And New Zealand

Joint Statement by Prime Ministers Scott Morrison and Jacinda Ardern Commencement of two-way quarantine-free travel between Australia and New Zealand Today, Australia and New Zealand have fulfilled their commitment to establish two-way quarantine free ... More>>

Claire Breen: ACC’s Policy Of Not Covering Birth Injuries Is One More Sign The System Is Overdue For Reform

Claire Breen , University of Waikato Recent media coverage of women not being able to get treatment for birth injuries highlights yet another example of gender bias in healthcare in New Zealand. More>>




InfoPages News Channels