Overseas investment decision for case 200810039 - Fleischmann (Dorette Louise)

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the Applicant is of good character and not the kind of person referred to in section 7(1) of the Immigration Act 1987.

Background to the Investment:
On 14 July 2006, the Applicant received consent to acquire 161.2986 hectares of land known as Ngakouka situated at Ponatahi Road, RD 2, Carterton. The land was acquired by the Applicant on 4 August 2006. The Applicant is currently implementing a farm development programme to enhance the carrying capacity and productivity of Ngakouka by applying both development capital and enhanced management techniques.

Outline of the Investment:
The land adjoins the land the Applicant acquired in 2006. The land is part of a larger farm operated by the vendor. The land will be subdivided from the vendors land and amalgamated with Ngakouka.

Rationale for the Investment:
The acquisition will enable the Applicant's farming operation to double its stock carrying capacity and increase its profitability.

The proposed overseas investment is or is likely to benefit New Zealand (or any part of it or group of New Zealanders) having regard to the following factors:

Overseas Investment Act 2005:
s17(2)(a)(i) - Creation/retention of jobs;
s17(2)(a)(iv) - Added market competition, greater efficiency or productivity, or enhanced domestic services;
s17(2)(a)(v) - Additional investment for development purposes;
s17(2)(a)(vi) - Increased processing of primary products;

Overseas Investment Regulations 2005
r28(a) - Consequential benefits;
r28(e) - Previous investments;
r28(g) - Enhance the viability of other investments.