Overseas investment decision for case 201900066, 201900446, 201900447, 201900501, 201900526, 201900530, 201900531 - Seung Heun Lee, Double Pine Investments Limited and Meditation Tour Limited

Consent Declined

Section 12(a) Overseas Investment Act 2005

Sensitive land – benefit to New Zealand

Sensitive land – substantial and identifiable benefit to New Zealand

An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in

• approximately 0.5109 hectares of land at 88 Reinga Road, Kerikeri, Northland;
• approximately 24.7645 hectares of land at Whangaroa Road, Totara North, Kaeo, Northland;
• approximately 0.6744 hectares of land at 8-10 Riverstone Lane, Kerikeri, Northland;
• approximately 4.7978 hectares of land at 85 Access Road, Kerikeri, Northland;
• approximately 6.6613 hectares of land at 34 Macadamia Lane, Kerikeri, Northland;
• approximately 156.2941 hectares of land at 1112 Pungaere Road, Kerikeri, Northland; and
• approximately 1.7830 hectares of land at Old Wharf Road, Paihia, Northland.

Seung Heun Lee, Double Pine Investments Limited and Meditation Tour Limited

South Korea (100%)

Various New Zealand Vendors

New Zealand (100%)

The Applicant is an individual (Mr Lee) and two companies he owns, Double Pine Investments Limited and Meditation Tour Limited. The Applicant purchased several parcels of land near Kerikeri, Northland over the period 2014-2016 and sought retrospective OIO consent for those purchases.

Mr Lee is the founder and proponent of Brain Education (formerly known as Dahn Hak Yoga). Brain Education promotes a mixture of exercise and meditation in order to promote a healthy lifestyle. The land in question is being used for meditation tourism.

For consent to be granted, Ministers’ needed to be satisfied that the Applicant meets both the investor test and the benefit test that requires the investment to result in substantial and identifiable benefit to New Zealand.

The investor test requires the Applicant to:

• have business experience and acumen relevant to that overseas investment;
• have demonstrated financial commitment to the overseas investment; be of good character; and
• not be an individual of a kind referred to in section 15 or 16 of the Immigration Act 2009.

Both Minister Clark and Minister Sage were not satisfied that the investor test had been met and declined the application on that basis.

Andrew Petersen

Bell Gully

PO Box 4199

AUCKLAND 1140