| Decision | Consent declined 1 Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision Date | 21 March 2021 |
| Pathway | Benefit to New Zealand (substantial and identifiable) and significant business assets |
| Investment | An overseas investment in sensitive land, being the Applicant’s proposed acquisition of up to 60% of the securities withheld under s9(2)(b)(ii) and/or s9(2)(ba)(i) of the Official Information Act which owns a number of lots of sensitive land throughout New Zealand totalling approximately 160 hectares. |
| Consideration | Withheld under s9(2)(b)(ii) and/or s9(2)(ba)(i) of the Official Information Act |
| Applicant | Withheld under s9(2)(b)(ii) and/or s9(2)(ba)(i) of the Official Information Act |
| Vendor | Withheld under s9(2)(b)(ii) and/or s9(2)(ba)(i) of the Official Information Act |
| Background | The Applicant is a meat and animal by-products business withheld under s9(2)(b)(ii) and/or s9(2)(ba)(i) of the Official Information Act. It intends to expand the export of New Zealand meat products, provide greater financing to New Zealand farmers, and introduce new supply chain technology. Ministers considered that, due to the nature of the proposed investment plan there was uncertainty both in the likelihood of benefit occurring and the level of benefit likely to occur. Ministers were ultimately not satisfied that the proposed investment was likely to result in substantial and identifiable benefit to New Zealand. Consent to the proposed investment was therefore declined. |
| More information | Mai Chen Chen Palmer PO Box 106114 Auckland 1143 |
1 The redacted information has been withheld as the proposed transaction related to an unannounced on-market transaction which cannot proceed as the application has been declined.