| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 10 March 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 2.1664 hectares of land at Selwood Rd, Henderson. |
| Consideration | $4,485,000 |
| Applicant | Selwood Road Trust Valery Cheschinsky, Russia (100.0%) |
| Vendor | Hong Kong Shanghai Banking Corporation as mortgagee Hong Kong (Special Administrative Region) (100%) |
| Background | Dr Valery Cheshinsky, a Russian national, is the appointer and final beneficiary of the Applicant. Dr Valery Cheshinsky through his related company Balenia Limited entered into an agreement with Sensation Yachts Limited (Sensation) to build five 50 meter super yachts. Sensation defaulted upon the completion of the super yachts and is now in liquidation. The Vendor, as mortgagee of Sensation, took possession of the land. The super yachts require substantial work to complete them. The incomplete super yachts cannot be removed from the land without damage occurring given their sheer size and dimensions. The Applicant seeks to purchase the land from the mortgagee in order to complete at least one of the yachts which will result in significant expenditure in terms of labour and equipment. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Tony Nicholson Burton & Co PO Box 8889 AUCKLAND |