Overseas Investment Office Provides Evidence to the Auckland High Court
4 June 2010: Media release
The Overseas Investment Office (OIO) has today provided evidence to the Auckland High Court in proceedings filed by UBNZ Assets Holdings Limited and Natural Dairy (NZ) Holdings Limited against the receivers of the Crafar farms.
This follows the sale and purchase agreement for 16 farms signed in late May, which is conditional on OIO consent.
UBNZ Assets Holdings Limited now maintains it does not require consent under a proposed amended agreement. However, the OIO considers that consent may be required.
The Court has reserved its decision.
“While court proceedings were not brought against the OIO, we participated as regulator of the Overseas Investment Act,” said Annelies McClure, Manager of the Overseas Investment Office. “We participated in the hearing by providing evidence and submissions.”
The Court must now decide whether consent is required for the particular transaction. Under the Overseas Investment Act 2005, consent is required by overseas persons and associates of overseas persons who intend to purchase sensitive New Zealand land.
Questions and answers
Why was the OIO part of the court proceedings?
The OIO wished to be heard because UBNZ Assets Holdings Limited now maintains it does not require consent for the purchase of the Crafar farms.
What did the OIO provide to the court?
The OIO provided evidence and submissions at the hearing regarding the requirement for consent.
Will these court proceedings affect any future application from UBNZ Assets Holdings Limited?
No, but the court will determine whether any application from UBNZ Assets Holdings Limited is required. The proceedings relate to 16 dairy farms that UBNZ Assets Holdings Limited propose to purchase from the receivers of the Crafar farms. The proceedings do not concern the four farms purchased in February 2010.
When is it likely that the Court will make a decision?
The Judge has indicated that a decision will be made by Friday 11 June 2010.
Further information
For further information see:
- 7 May 2010 media release: Overseas Investment Office Launches Investigation into Farm Purchases
- 1 April 2010 media release: Overseas Investment Office Seeks More Information on Natural Dairy (NZ) Holdings Ltd Application
- questions and answers about the OIO investigation
- about the Overseas Investment Office
- and application criteria and processes.
Media queries: Brad Young, Senior Communications Advisor, Ph (04) 460 0147 or 027 277 1267, email media@linz.govt.nz.
