| Decision | Retrospective consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 6 May 2022 |
| Pathway(s) | Benefit to New Zealand (Substantial and Identifiable) |
| Investment | An overseas investment in sensitive land, being the Applicant’s acquisition of a leasehold interest in approximately 24 hectares of land located at 1210 & 1216 Shands Road, Christchurch (Land). |
| Applicant | Seed Force Limited France (91%) New Zealand (9%) |
| Vendors |
Robert Selwyn & Rosemary Jane Paton John Henry & Helen Sylvia Paton |
| Background |
The Applicant is a seed breeding company which operates across Australasia. The Applicant is ultimately majority owned by widely held French persons and entities. The Land has been leased through two leases since 2018 to allow the Applicant to undertake seed trials and research. We consider the Investment has resulted in:
We are satisfied that the Investment will benefit New Zealand and that benefit is likely to be substantial and identifiable. We are further satisfied that the investor test has been met. A retrospective consent was required as, at the time the leases were entered, the Applicant was unaware that consent under the Act was required and the leases were entered without the required consent. The Applicant satisfied the Overseas Investment Office (OIO) that the breach was inadvertent and that it did not realise that the Land was sensitive land under the Act. As soon as the Applicant realised consent was required, it contacted the OIO to remedy the situation. The Applicant has paid an administrative penalty imposed under the Act. |
| More information | Ed Smithies Lane Neave (Auckland) PO Box 462 Auckland 1140 |
| Retrospective penalty | $10,000 |