| Decision | Retrospective consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 3 April 2013 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to a further 40% of the shares of Waiwera Water New Zealand Limited which owns or controls a freehold interest in approximately 10.048 hectares of land at 7 Upper Waiwera Road, Waiwera, Rodney District. |
| Consideration | $5,000,000 |
| Applicant | Mikhail Khimich Russia (100%) Budfin Nominees Limited New Zealand (100%) |
| Vendor | Traus Holdings Limited John Donald St Clair Brown, New Zealand (100%) |
| Background | Mr Khimich owns 60% of the shares of Waiwera Water New Zealand Limited (“Waiwera Water”) and is in the process of acquiring the remaining 40% from the vendor. Mr Khimich has sought and been granted retrospective consent to complete the acquisition of the additional shares on the basis that he intends to develop the relevant land into an organic winery. The winery will focus on producing fortified wine and spirits. Budfin Nominees Limited is a nominee company operated by law firm Buddle Findlay (who represent Mr Khimich). 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 Overseas Investment Regulations 2005 |
| More information | Susie Kilty Buddle Findlay PO Box 2694 WELLINGTON 6140 |
| Retrospective penalty | $8,000 |