Overseas Investment Office Launches Investigation into Farm Purchases

7 May 2010

7 May 2010: Media release

The Overseas Investment Office (OIO) has launched an investigation into the purchases of four farms previously owned by Crafar family interests.

The purpose of the investigation is to obtain detailed information about the purchases by UBNZ Assets Holdings Limited and UBNZ Funds Management Limited.

“We have launched the investigation as an application for consent for the purchases of the farms has not been received,” said Annelies McClure, Manager of the Overseas Investment Office.

Investigation of the land titles register reveals UBNZ Funds Management Limited purchased two farms on 11 February 2010, one near Norsewood and the other in Waitotara. The register also reveals the purchase of two further farms in the Manawatu on 15 February 2010. Once purchased by UBNZ Funds Management Limited, the farms were immediately transferred to UBNZ Assets Holdings Limited.

Under the Overseas Investment Act 2005, consent from the OIO is required by overseas persons and associates of overseas persons who intend to purchase sensitive New Zealand land. The land in question is considered to be sensitive land under the Act.

“Part of the investigation will involve the OIO establishing whether a breach of the Act has been committed,” said Ms McClure. “It is an offence for an overseas person or an associate of an overseas person to buy sensitive land without consent and significant penalties apply.”

The Office expects the investigation to take several months to complete due to the complexity of the transactions and the need to source and thoroughly analyse the information.

For further information see:

Media queries: Brad Young, Senior Communications Advisor, Ph (04) 460 0147 or 027 277 1267, email media@linz.govt.nz.

Media enquiries: Brad Young, Land Information New Zealand, phone +64 4 460 0147, mobile +64 27 277 1267, email
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