DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date7 July 2011
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of:

  • a freehold interest in 70.0000 hectares of land at Steep Head Gully, 225 Dalglishs Road, Le Bons Bay; and
  • a freehold interest in 196.0000 hectares of land at Crystal Basin & Northern Terrace.
Consideration$490,000
ApplicantPSA Capital Limited
Simon Thomas Harvey, Australia (40.0%)
Oleg Kirillov, Russia (20.0%)
Yuri Koropachinskiy, Russia (20.0%)
Yury Zelvenskiy, Russia (13.4%)
Vladimir Uchitll, Russia (6.6%)
Vendor - Le Bons BayRural Livestock Finance Limited and Rural Livestock Limited
New Zealand (100%)
Vendor - Crystal BasinDepartment of Conservation
The Crown, New Zealand (100.0%)
Background

This is the latest in a series of applications for overseas investment consent in relation to the development of the Porters ski field business (refer cases 200620105, 201010070, 201020062 and 201020044). The overseas investment will facilitate the ongoing development undertaken by the Blackfish Group and the Applicant since the acquisition of Porters in 2006. The development includes a major expansion of ski area and facilities and is intended to offer a number of unique features not currently available on New Zealand ski fields (such as on-mountain accommodation and fully sealed access roads).

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development
17(2)(b) – Indigenous Vegetation/Fauna
17(2)(e) – Walking Access

Overseas Investment Regulations 2005
28(a) – Consequential Benefits
28(e) – Previous investments
28(f) – Advance significant government policy or strategy

More informationMary Digiglio
Swaab Attorneys
GPO Box 35
Sydney 2001