21 December 2017
The Overseas Investment Office (OIO) has declined TIP-HNA New Zealand Holdings Limited’s application under the Overseas Investment Act to acquire 100 per cent of the shares in UDC Finance Limited.
The OIO did not determine who the relevant overseas person was from the information provided about ownership and control interests. The OIO was therefore not satisfied that the test in section 18 of the Overseas Investment Act 2005 was met.
The decision was delegated to the OIO as it involved significant business assets only.
TIP-HNA New Zealand Holdings Limited is able to apply to the High Court for a judicial review of the Overseas Investment Office’s decision.
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