24 June 2016
Land Information New Zealand Chief Executive Peter Mersi said today that he had received the report of an independent reviewer who has examined the Overseas Investment Office’s process for assessing good character.
The review, undertaken by Peter McKenzie QC, was in response to an issue that emerged over the 2013 Ceol & Muir application to purchase sensitive land in Taranaki.
Mr Mersi says he welcomes the report and that its recommendations are being implemented immediately.
“Overall, Mr McKenzie’s report confirms that the OIO’s systems for checking good character are sound and fit for purpose”.
The recommendations are to:
- ensure relevant factors found during internet searches on good character are advised to Ministers;
- ensure a fuller record is kept of internet searches so that the information is available later if required; and
- require that where bearer shares are being used, these be converted into registered shares or held by a reputable bank, prior to any consent being granted.
The OIO has already moved to ensure that Ministers are notified of relevant information that is discovered during internet searches.
The full report and appendices are available to download below.
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