Enforcement action taken

Find out about the enforcement action taken by the Overseas Investment Office since 2015.

Overseas investors must get consent when the overseas investment rules require them to, and meet the commitments they made when they applied for consent.

We will usually publish the outcome of any enforcement action we take unless there is good reason to withhold information. On this page we set out information about enforcement action we have taken since 2015.

We carry out our enforcement function through a range of activities including monitoring compliance with conditions, investigating possible breaches and taking appropriate enforcement action where we find the rules have been broken.

Find out about complying with our rules and the conditions of your consent

Court orders

Decided cases

1. Penalties or disposal orders have been made in the following cases:

Name / entity

Date

Details

Trinity Green Estate Partnership 25 Aug 2023

The High Court ordered Trinity Green Estate Partnership to pay civil pecuniary penalties of $97,500. Trinity had also previously paid $15,000 towards costs incurred by LINZ.

Trinity Green acquired 8.5ha of sensitive land in Cambridge for a residential subdivision without consent under the Overseas Investment Act. Trinity Green was an ‘overseas person’ under the Act when it acquired the land because one of the two trusts making up the partnership was controlled and funded from overseas. This trust structure was adopted on advice from New Zealand-based lawyers. The breach was self-reported by Trinity Green when it engaged new lawyers to assist with the sale of part of the land and it was made aware of its breach of the Act.

The penalty included a discount of 25% for all mitigating factors, including self-reporting and cooperation.

Read the judgement:

Read the news item:

Trinity Green penalised $97,500 for breaching the Overseas Investment Act

HK Search Limited, Dr Won Joo Hur, Dr Jaeho Choi 11 Mar 2022

The High Court ordered the defendants to pay:

  • Dr Won Joo Hur
    Civil pecuniary penalties of $100,000
  • Dr Jaeho Choi 
    Civil pecuniary penalties of $30,000.

The defendants used a New Zealand company in an attempt to purchase sensitive land in Helensville without consent.

This order follows criminal conviction and fines imposed on both parties in 2020 in relation to their conduct during the investigation into this sale by the Overseas Investment Office. 

The civil pecuniary penalties relate to the acquisition of sensitive land without consent and evasion of the Overseas Investment Act 2005. The matter is concluded.

Read the judgement:


Read the news item:

High court orders civil penalties totalling 130,000 for purchase of sensitive land without consent.

Clevedon-Kawakawa Road Limited 20 Jul 2021

The High Court ordered the defendant to pay:

  • civil pecuniary penalties of $160,000
  • costs of $15,000.

The defendant Clevedon Kawakawa Road Limited (CKRL) acquired two properties which were sensitive because they are non-urban land with a combined area that exceeds 5ha. In addition one of the properties adjoined the foreshore. 

CKRL was subject to the direction, control or influence of an overseas person when it acquired the interests and was therefore an associate of an overseas person when it acquired the land. 

The circumstances required consent to be obtained from the OIO. No application was made.

Read the judgment here:


Read the media release
Lee, Double Pine Investment Limited and Meditation Tour Limited

27 May 2021 (Judgment)

11 Jun 2021 (Reasons)

The High Court ordered the defendants to pay:

  • civil pecuniary penalties of $1,246,625
  • costs of $10,000 each.

The defendants purchased 7 Northland properties without consent. The breach was inadvertent but was considered serious because of the combined size, value of the properties (in dollar terms and in environmental value) and the commercial context of the acquisitions. The penalties include the quantifiable gain made on two of the properties.  Discounts were given for mitigating factors including co-operation.

Read the judgment:


Read the media release
C Zhang 31 May 2021

The High Court ordered the defendant to pay:

  • a civil pecuniary penalty of $110,000
  • costs of $15,000.

Ms Zhang purchased sensitive land in Auckland without OIO consent in 2015.  The land was sensitive because it adjoined the foreshore and also a Heritage New Zealand listed site.  The land was purchased before Ms Zhang’s permanent residence visa was  finalised and prior to her becoming ordinarily resident.  It was common ground that the breach was inadvertent although the Court noted that due diligence on the application of the Act is expected.  The penalty included a discount of 20% for mitigating factors including Ms Zhang’s early admission of liability and agreement to pay a penalty.

Read the judgment:


Read the news item
Bin Zhao 22 Apr 2021

The High Court ordered the defendant to pay:

  • A civil pecuniary penalty of $49,000
  • costs of $15,000.

Mr Zhou, having entered a sale and purchase agreement for sensitive land which was conditional upon OIO consent, simultaneously signed a lease agreement for 10 years with a 10 year right of renewal.  No consent was sought for the lease in breach of the Act.   The Court accepted that breaches involving leases should not generally be regarded as less serious than those involving the purchase of freehold land.

Read the judgment:


Read the news item

Smith Road Ltd
Paranui First Ltd
488 Manganui Road Farm Ltd

14 Apr 2021

The High Court ordered the parties to pay:

  • civil penalties of $1,380,000
  • costs of $16,000.

The Song family, which controlled the companies, acquired interests in five forestry blocks in breach of the Overseas Investment Act 2005.  The investors were negligent about the requirement for consent. All properties were required to be disposed of and civil pecuniary penalties included the gains from sale.

Read the judgment:


Read the news item  
West Drury Holding Ltd 31 Mar 2021

The High Court ordered West Drury Holding Ltd (WDHL) to pay:

  • civil penalties of $125,000
  • costs of $15,000.

WDHL acquired sensitive land without obtaining consent because one of WDHL’s main shareholders was an overseas person.  The High Court said this should have been avoided by undertaking appropriate enquiries.

Read the judgment:


Read the news item
Chor Ltd 8 Jun 2020

The High Court ordered Chor Ltd to:

  • Pay a civil penalty of $539,917.47
  • Costs of $15,000.

Mr and Ms Zhou acquired equitable and legal interests in a residential property in Auckland. The property was subsequently sold to Chor Ltd (Mr and Ms Zhou were the directors and shareholders at all material times). The transactions required consent.

Read the judgment:


Read the news item
FFG Investment Limited and Grand Sky Limited 13 Dec 2019

The High Court ordered:

  • FFG Investment Limited to pay a civil penalty of $82,500
  • Grand Sky Limited to pay a civil penalty of $40,500
  • FFG and Grand Sky together to pay $10,000 costs

for failing to obtain consent under the Overseas Investment Act 2005.

News item and copy of judgment

BCH Investments
Ltd
12 Jul 2019

The High Court ordered BCH Investments Ltd to divest its interests in two properties, and pay:

  • a civil penalty of $300,000
  • account taker’s costs of $260,282.68 
  • legal costs of $27,763.50

for failing to obtain consent under the Overseas Investment Act 2005.

The sale of the properties must occur within 2 years, with leave reserved to Land Information New Zealand to seek further orders under s47 of the Act if the divestment has not occurred within that time.

View a copy of the judgment:

Zhongliang Hong, Xueli Ke, IRL Investment Limited, Grand Energetic Company Limited 4 Jul 2019

The High Court ordered the defendants to pay a total of $2,970,256 in civil penalties and costs for failing to obtain consent under the Overseas Investment Act 2005 for the purchase of two Auckland properties.

Zhongliang Hong and Xuelie Ke were each ordered to pay a penalty of $307,500 and $10,000 to the Overseas Investment Office as a contribution to its costs.

IRL Investment Limited was ordered to pay $2,335,256 in gains from the sale of one property.

Grand Energetic Company Limited was ordered to sell the other property.

Oral judgment delivered 4 July 2019.

Read the settlement agreement:

 

Read the judgment:

Agria (Singapore) PTE Ltd (part of

Agria Corporation) and Mr Alan Lai

21 Mar 2019

The High Court imposed civil penalties for breach of good character conditions that attached to conditions of Agria's consent to invest in PGG Wrightson, namely:

  • Agria $100,000 in civil penalties
  • Mr Lai $120,00 in civil penalties 

Agria and Mr Lai were ordered to pay $30,000 to the Overseas Investment Office as a contribution to its costs. 

Note that the High Court decision followed a settlement entered into between the parties – refer to extract in “Settlement” section below.

Read the judgment:


Read the news item

Wenbing Tang
Xianghua Huang, Binghan Zhou
Binzhi Ouyang

12 Mar 2018

The High Court ordered the defendants pay a total of $847,000 in civil penalties and costs for failing to get consent under the Overseas Investment Office before buying a property.
Wenbing Tang was penalised $110,000
The other three defendants received a penalty based on the gain they otherwise stood to make from disposing of the property.
Read the judgment:

 

Carbon Conscious New Zealand Limited

Filed – 2015
Judgment – 4 Apr 2016

Carbon Conscious was ordered by the High Court to pay a civil penalty after using an associate to purchase sensitive land on its behalf.

Read the judgment:

2. Criminal fines

Name / entity

Date

Details 

Jaehoo Choi 25 Jun 2020

Criminal fine of $60,250 imposed by the Auckland District Court for attempting to mislead the Overseas Investment Office by providing a false loan agreement.
Read the news item

Won Joo Hur 7 Feb 2020

Criminal fine of $100,000 imposed by the Auckland District Court for attempting to mislead the Overseas Investment Office by providing a false loan agreement.
Read the news item

Disposal of property

Name / entity

Date of disposal

Details

Wankuan Li 3 Jul 2023

On 2 September 2021 Mr Li was granted OIA consent under the Residential Land Development (Increased housing – One-off purchase) Pathway to acquire freehold land at 157 Oteha Valley Road, Auckland in order to construct 20 terraced houses on the land. Mr Li was unable to meet the requirements of his consent conditions and we therefore required Mr Li to dispose of the land.
On 3 July 2023 the sale of the land was completed.

Overseas investor 16 Nov 2020 Overseas Investor obtained consent to purchase a 28 ha property in the Auckland area. One of the conditions of consent was that the overseas investor must become ordinarily resident in New Zealand. Our checks confirmed that this had not occurred. A disposal notice was issued in February 2020 and the property was sold on 19 August 2020.
Overseas investor 2 Jul 2021

An overseas investor obtained consent to purchase a residential property in the Waitakere area. One of the conditions of consent was that the overseas investor must ordinarily reside in New Zealand. Our checks confirmed that this was not achieved and a disposal notice was issued in March 2021. The overseas investor disposed of the property at auction on 2 July 2021.

Xindongyue Group (NZ) Limited 28 May 2021

Xindongyue Group (NZ) Limited obtained consent to acquire approximately 8.2 hectares of sensitive land at Clarks Beach, Waiau Pa, Auckland.  The consent holder failed to meet its conditions of consent and a disposal notice was issued accordingly in June 2020.

In May 2021 the property was sold to a New Zealand company who did not require consent.
Michael Crandall and Michele Esposito 5 May 2020 In May 2013, Mr Crandall and Ms Esposito were granted consent to acquire approximately 20 ha of sensitive land in Kerikeri to construct a holiday home.  The consent holder ceased to provide annual reporting from 2017 onwards, despite regular reminders.  We were no longer confident the consent holders were complying with conditions of consent requiring a native planting programme and required the property to be disposed of.

In May 2020, the property was sold to a company owned and controlled by New Zealand citizens (but based in the US). This transaction did not require OIO consent.
Overseas Investor 19 Aug 2020 Overseas Investor obtained consent to purchase a residential property in the Auckland area. One of the conditions of consent was that the overseas investor must ordinarily reside in New Zealand. Our checks confirmed that this has not been achieved and a disposal notice was issued accordingly in February 2020. The property was sold on 19 August 2020.
Overseas Investors 21 Sep 2020 Overseas investors acquired approximately 36.72 ha of sensitive land in the Auckland area without consent. The investors were required to dispose of the land by 10 February 2021. The land was sold on 21 September 2020.
Overseas Investors Nov 2020

Overseas investors acquired approximately 13 hectares of land without consent. The investors have been issued with a notice under Section 41F of the Overseas Investment Act 2005.

In November 2020 the property was sold to a New Zealand citizen and did not require consent.
Kingstown Blue Spring Resort Limited (formerly Kingstown Volcano Springs Limited) 23 Dec 2019

In July 2014, KBSR was granted consent to acquire the Okoroire Hot Springs Hotel on 27 hectares of sensitive land at 18 Somerville Road, Okoroire. KBSR’s consent conditions required it to implement the developments described in its Business Plan by 17 August 2018. KBSR did not do so and the OIO required it to dispose of the property in accordance with a disposal framework set out in its consent conditions.

Read the news item

Michael Rems and Julie O’Shea 20 Dec 2018 Rems and O’Shea (American investors) were granted consent in 2015 to acquire approximately 0.5 hectares of sensitive land on Waiheke Island. Consent conditions required the couple to become ordinarily resident in New Zealand within three years. They did not do so and consequently we required them to dispose of the property – which they have now done.
Pukaki Garden Ltd, Twizel Development Ltd and Lake Pukaki Development Ltd Jun 2019, Feb 2020, and Jul 2020

Overseas Investors acquired three properties totalling 327 ha of sensitive land in the Twizel area without consent due to incorrect legal advice. We entered into a settlement agreement with the investors which required them to sell two of the properties have been sold. The investors applied for retrospective consent to retain ownership of the third property, but the application was declined. All three properties have now been sold.

Read the news item

Flying Class Limited

20 Sep 2018

Flying Class Ltd acquired approximately 5.7728 hectares of sensitive land near Matamata (a horse stabling facility). Consent conditions required it to complete certain development works. However, it did not complete all of those works and was required to dispose of the property. Flying Class has now disposed of the property.     

Waiheke Island Airpark Resort Limited

5 Dec 2018

Conditions of consent required the consent holder to develop Waiheke Island airfield (8.9580 hectares) and to dispose of the airfield if it was not developed.
As the property had not been developed, the consent holder has disposed of the property.

Canres Limited

26 Jul 2019

Conditions of consent required the consent holder to develop a recreational and sport lodge business on the property (40 hectares) and to dispose of the property if it was not developed.
As the conditions have not been met, the property has been sold.

MTS Energy Limited

27 Jul 2018

Overseas investors acquired approximately 0.5 hectares of land in Northcote, Auckland without OIO consent.
OIO consent was required because the land is sensitive land (greater than 0.4 hectares and adjoins a recreation reserve).
The OIO entered into a settlement agreement with the overseas investors on 9 November 2017 for the land to be sold.
The property has been disposed of.

Sino-NZ Tourism Development Limited

Jul 2018

Overseas investors acquired over 5 hectares of land near to Flatbush, Auckland without consent. OIO consent was required because the land is sensitive as it is over 5 hectares in a non-urban area. The consent holder has disposed of the property.

Terrior Winery Fund

2017

Mr Charles Banks, the majority shareholder of Terrior Capital LLC, which manages Terrior Winery Fund, has been sentenced to four years imprisonment for fraud in the United States.
Conditions of consent require the 'individuals with control' of the Terrior Winery Fund to remain of good character. In light of Mr Banks' conviction and sentence, we consider that Mr Banks is not of good character.
Mr Banks has resigned as director of Trinity Hill Limited and is being removed from having any interest in Terrior's New Zealand investments.

Whisper Creek Golf Resort Limited (previously Christchurch Golf Resort Limited)

Aug-17
Oct-17

Conditions of consent required the consent holder to develop a golf resort but it has not done this. The consent holder has disposed of the property.

Silver Fern International Travel & Trade Limited

Oct-16
Feb-17

Conditions of consent required Silver Fern to develop an accommodation business on the property and to dispose of the property if it did not.
The consent holder did not meet the conditions of consent and was required to sell the property.

Nirvana Capital Limited

Apr-16

Conditions of consent required two of the shareholders of Nirvana Capital Limited to become ordinarily resident in New Zealand and to dispose of the property if they did not.
Due to failure to meet the conditions of consent, the consent holder sold the property.

Mikhail Khimich

Dec-15

Conditions of consent required Mr Khimich to develop an organic winery on the property and to dispose of the property if the winery was not developed.

Enforceable undertakings

Name / entity Date Details
Tresorelle (NZ) Limited 14 Sep 2022

Tresorelle (NZ) Limited acquired interests in sensitive land in August 2003.

76% of the shares in Tresorelle were held by a New Zealand person.  However that person was holding the shares in trust for an overseas shareholder and was subject to his direction.  This made Tresorelle an associate of the overseas person and consent should have been sought under the Overseas Investment Act 1973 when the land was acquired.

In 2011 the 76% shareholding was transferred to another New Zealander on similar terms and consent should have been sought for that transaction as well.

It is accepted that breaches of the Act have occurred but that proceedings for the substantive breach in 2003 are now time barred.

Tresorelle has agreed to enter an enforceable undertaking acknowledging the breach and has disposed of all of its interests in the land.

Read the enforceable undertaking:

JL JH, & QL 24 Feb 2022

JH and JL acquired equitable interests in residential land as associates of QL, an overseas person, without first obtaining consent under the Act.

The regulator accepted an enforceable undertaking from the parties.

The undertakings resolve the associate relationship concerns and provide certainty the overseas person will have no further involvement with the property.

Read the enforceable undertaking:

Aviation School of New Zealand Ltd

Eagle Flight Training Ltd

BRJ Consulting (2015) Ltd

Monash Investments Ltd
17 Mar 2021

Associates of an overseas person acquired sensitive residential land without consent.

The regulator accepted an enforceable undertaking from the parties.

The undertakings resolve the associate relationship concerns and provide certainty the overseas person will have no further involvement with the property.

Read the enforceable undertaking:

Settlement

Name / entity

Date

Details

CRV Limited and Animal Breeding Services (2007) Limited Jan 2020

Settlement requiring CRV and ABS to divest of a leasehold interest in sensitive land and apply for retrospective consent for second leasehold interest, each acquired without obtaining consent under the Overseas Investment Act 2005. A warning letter has also been issued for related breaches – see below.

JBS Australia Pty Limited

Oct 2019

Settlement related to an investigation into JBS Australia’s requirement for individuals with control to remain of good character under conditions of JBS Australia’s investment in Scott Technology Limited (Scott).

The Overseas Investment Act Office (OIO) has settled its investigation into JBS Australia following possible links to a Brazilian corruption scandal.

The OIO has concluded that the individuals linked to the corruption scandal (Joesley and Wesley Batista) are not exercising control over JBS Australia and its investment in Scott.

The OIO is also satisfied that the Brazilian corruption scandal occurred offshore and that New Zealand investors were not put at risk.

If Joesley and Wesley Batista assume any control over JBS Australia in the future, the OIO may take stricter measures and JBS Australia may be required to sell its investment in Scott.

Agria (Singapore) PTE Ltd (part of

Agria Corporation) and Mr Alan Lai

Dec 2018 

Agria and Mr Lai agreed that:

  • the fact of the United States Securities and Exchange Commission (SEC) investigations and settlements are matters that reflect adversely on the fitness of Mr Lai in relation to Agria’s investment in PGG Wrightson
  • consequently Mr Lai and Agria failed to meet the conditions of consent to invest in PGG Wrightson.

As a result Agria and Mr Lai agreed to:

  • recommend to the High Court that civil penalties should be imposed
  • Agria Singapore is to reduce its shareholding from 50.22% in PGG Wrightson to below 50%
  • Mr Lai to be prevented from being Chair or director of PGG Wrightson for 5 years
  • use best endeavours to ensure Joo Hai Lee resign as a Chairperson of PGG Wrightson by mid-2019
  • contribution of $30,000 to OIO costs.
Read a copy of the settlement:
 
Forest Growth Holdings Ltd (FGHL) Jul 2018

The settlement related to FGHL’s role in the transaction described in the New Forest entry below. 


Read the warning issued to FGHL in the Warnings section below

New Forests Asset Management Pty Limited (New Forests) and

Wairarapa Estate Limited (WEL)
Oct 2016

The settlement relates to an arrangement between New Forests (through WEL, a company managed by New Forests) and Forest Growth Holdings Limited (FGHL), whereby FGHL – a New Zealand company – would purchase small blocks of forestry land to amalgamate and then on-sell to New Forests – an overseas company.  In entering into this arrangement, FGHL was effectively acting as New Forests’ associate.
The transactions involved forestry land in the Wairarapa and took place in accordance with a term sheet the parties had agreed to.
The arrangement meant that New Forests could buy the amalgamated land from FGHL at an expected price and seek consent later once it had the certainty of being able to buy from FGHL and for fewer transactions than it would otherwise have needed to apply for.
The parties entered into the arrangement on the basis of legal advice and in the belief they were complying with the overseas investment rules.


Read a copy of the warning issued to the parties in the Warning section below

Udo Lammerting
Dr Kristin Lammerting
LIG Lammerting Investment Group (NZ) Limited]

Apr 2018

Settlement related to the acquisition of several properties in the Northland region which were investigated by the OIO.
Details of the settlement agreement will be released once key steps under the agreement have been undertaken.

Andrew Turney
Paul Turney
Wendy Turney
Schooner Agribusiness LLC

May 2015

Settlement related to two of six farming established by the late Alan Hubbard that were investigated by the OIO and resulted in the disposal of sensitive land acquired without consent. The other four syndicates had disbanded by this date and the properties had already been sold.
The overseas investors in the two syndicates paid $150,400 to charity and OIO’s costs.

Administrative penalties

Penalties for retrospective consents

The OIO can grant consent for an investment retrospectively where an investor inadvertently break the rules. The OIO has provided guidance outlining when a retrospective consent may be appropriate and the factors we take into account in setting the administrative penalty for a retrospective consents.

Read the OIO guidance on retrospective consents

From 1 July 2017 any penalties imposed for retrospective consents is included on the decision summary issued when consent is granted.

Penalties for late provision of information

Prompt and accurate provision of information is key to our ability to detect and take action on breaches of the rules and to effectively monitor whether investors have met conditions imposed on consents.

We impose penalties for the late provision for information or documentation.

Financial year Number of penalties issued for late reporting
2017/2018 3
2018/2019 7
2019/2020 3

Names of repeat non-compliers may be published.

Warnings

The following warnings have been issued by the Overseas Investment Office since 2015:

Name

Date

Details

Wairarapa Estate Limited 3 Sep 2020

Warning for breach of a number of conditions of consent

 

CRV Limited and Animal Breeding Services (2007) Limited Jan 2020

Warning for directly and indirectly acquiring interests in sensitive land without obtaining consent. The land is no longer owned by CRV or ABS.

 

Roger Dickie 18 Dec 2019

Warning to Mr Dickie that his company breached the Overseas Investment Act 2005.  The breach occurred when Roger Dickie Hadleigh Limited entered an agreement for sale and purchase of sensitive land on behalf of an overseas investor in May 2018.  The Overseas Investment Office consider he was acting as an associate of the overseas person and that he therefore required the consent of the Overseas Investment Office.  He is warned that any future conduct of this kind may result in the Overseas Investment Office taking proceedings against him.

 

Min Jia 13 Sep 2018 Warning for acquiring an interest in shares in companies which own sensitive land without consent in 2014 and 2015.

 

New Forests Asset Management Pty Limited (New Forests), Wairarapa Estate Limited (WEL) and Forest Growth Holdings Ltd (FGHL) 13 Jul 2018 Warning around acquiring sensitive land without prior consent by using a New Zealand associate to allow amalgamation of land and delay the need for consent.

 

Russell Mawhinney

8 Sep 2017

Warning in relation to incorrect legal advice given to overseas persons.
Read the warning:

Read the OIO's report:

Itoham Yonekyu Holdings Inc

28 Jul 2017

A warning for obtaining an interest in sensitive assets, on 1 April 2016, without consent.
Read the warning:

Southern Paprika Limited

15 Dec 2016

Warning for acquiring sensitive land without consent in 2005

Read the warning:

Harbour Edge Avocados Limited and Southern Paprika Limited

15 Dec 2016

Warning for acquiring sensitive land without consent in 2015. (The matter was also subject to a retrospective application for consent.)

Read the warning (HEAL):

 

Read the warning (SPL):

Rafael and Federico Grozovsky
Ceol and Muir Inc

28 Sep 2016

Warning that information provided to the OIO must be complete and accurate and no material omissions should exist in relation to good character checks.

Read the warning (Rafael and Federico Grozovsky):

 

Read the warning (Ceol and Muir Inc):

I-Lun Chien

12 Dec 2015

Warning in relation to a false statement made to the OIO.

Read the warning:

Contact Energy Limited

8 Jun 2015

Warning in relation to acquisition of an interest in two relatively small areas of sensitive land without consent in 2011 and 2014.  The land was no longer owned by Contact Energy.

Read the warning:

Referral complaint to professional society

We can refer a person to a professional conduct body in relation to a breach of the Overseas Investment Rules.

Name / entity

Date of referral and to which professional society

Details

In relation to Carbon Conscious New Zealand Limited

Dec 2017 – New Zealand Law Society

Carbon Conscious New Zealand Limited obtained legal advice on the conduct of its business in New Zealand, including the acquisition of land.
On the basis of that, Carbon Conscious New Zealand Limited breached the Overseas Investment Act 2005 which resulted in it paying a penalty.

Compliance Action

While it will often not be appropriate for us to comment on matters we are investigating, we may release information in relation to compliance action we are in the process of taking.

In December 2018 we issued a cease and desist notification to require misleading advertising about exemptions under the Overseas Investment rules to be removed. The advertising material was removed immediately.

Compliance Letters

To help encourage better compliance in the future, we issue letters, to individuals or organisations explaining how the Overseas Investment Rules need to be met and how they apply to them. Often these letters will clarify the application of the rules to particular situations or to remind people of particular compliance requirements.

Compliance letters issued:

Financial year Compliance letters issued
2017/2018 25
2018/2019 19
2019/2020 17