Overseas investment decision for case 201220034 - Morris Salomon Kahn & Shmuel Meitar

An overseas investment in sensitive land, being the Applicants’ acquisition of rights or interests in up to a further 10% of the shares of Walter Peak Station Limited (in addition to the Applicants’ existing shareholding) and the corresponding beneficial interest in Walter Peak Station Trust which owns or controls:

• a freehold interest in 335.3326 hectares of land at Walter Peak Station; and
• a leasehold interest in 25758.2411 hectares of land at Walter Peak Station.

The Applicants are the principal beneficial owners of Walter Peak Station, a high country farming operation in Queenstown comprising Crown leasehold and freehold land totalling 26,093 hectares. Benjamin Yehoshua Kahn (son of Morris Kahn) holds a minority interest in Walter Peak Station. The Applicants are acquiring Benjamin Kahn’s minority interest in the Walter Peak Station. The proposed investment is an internal restructure which will result in the Applicants increasing their already dominant interest in the farming operation.

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 Regulations 2005
28(c) – Affect image
28(e) – Previous investments