Media Update from Overseas Investment Office (OIO)

5 July 2010

Proposed purchase of Crafar farms

Court proceedings

On 11 June 2010, the Auckland High Court dismissed the application by UBNZ Assets Holdings Limited and Natural Dairy (NZ) Holdings Limited for a declaration that consent is not required under the Overseas Investment Act 2005. This follows sale and purchase agreements for 16 Crafar farms signed in late May, which are conditional on consent under the Act.

UBNZ Assets Holdings Limited and Natural Dairy (NZ) Holdings Limited have now appealed the Auckland High Court decision to the Court of Appeal.

The OIO is named as a second respondent to these proceedings.

A date for the hearing has yet to be set.

Application for consent for 16 Crafar farms

No application for consent to purchase the 16 Crafar farms has been filed with the OIO.

Retrospective applications for consent

The OIO has been advised that applications for retrospective consent will be filed shortly for the four farms already purchased by UBNZ Assets Holdings Limited in February 2010.

The OIO will continue its investigation to determine whether or not these purchases breached the Overseas Investment Act 2005.

Decisions on consent

On 11 June 2010, the Minister of Finance transferred his decision-making powers under the Overseas Investment Act 2005 to Hon Kate Wilkinson in relation to the possible sale of the Crafar farms.

Any application for consent under the Act to purchase the Crafar farms will be decided by Hon Kate Wilkinson and Hon Maurice Williamson.

Further 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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