| Decision | Consent Granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 16 December 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 40.0% of the Te Ahi O Maui Limited Partnership (TAOM LP) which owns or controls a leasehold interest in 171.4700 hectares of land at Kawerau. |
| Consideration | $300,000 |
| Applicant | KG Assets LLLP Innovations Development Group, Inc., United States of America (48.75%) Various overseas persons (29.4725%) United States Public (20.5275%) New Zealand Public (1.25%) |
| Vendor | Te Ahi O Maui Limited Partnership Eastland Group Limited, New Zealand (80.0%) Innovations Development Group, Inc., United States of America (10.0%) Kawerau A8D Ahuwhenua Trust, New Zealand (10.0%) |
| Background | The Applicant is a limited liability limited partnership incorporated in Hawaii, USA. Its limited partners are largely Hawaiian entities and individuals, including the Innovations Development Group Inc (IDG). IDG is a Hawaii-based strategic planning and development company specializing in developing indigenous-owned assets in a socially responsible, 'green' manner that is respectful of native cultures. The Applicant will acquire an interest in TAOM LP, which is taking a 40 year lease over sensitive land at Kawerau in order to establish a geothermal power station. 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 | Loretta Lovell Te Nahu Lovell & Co Ltd PO Box 40961 Upper Hutt 5140 |