Applicant
Philip Dean Griffith
Case number(s)
201020061
Decision date
Type
Decision
DecisionConsent granted retrospectively
Section 12(b) Overseas Investment Act 2005
Decision date19 January 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in a further 11.11% of the shares of Gibbston Valley Wines Limited which owns or controls a freehold interest in 42.9835 hectares of land at Gibbston Highway, Gibbston Valley, Bendigo Station, Bendigo Loop Rd, Cromwell and Kawarau Gorge SH6.
ConsiderationCONFIDENTIAL
ApplicantPhilip Dean Griffith
United States of America (100%)
VendorMichael Stone
New Zealand (100%)
Background

The Applicant has increased his personal equity stake to 23.77% in GVWL in consideration for capital injections to offset operational losses and complete of GVWL's capital works programme.

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
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products

Overseas Investment Regulations 2005
28(a) – Consequential Benefits
28(e) – Previous investments
28(g) – Enhance the viability of other investments

More informationMark Odlin
Buddle Findlay
PO Box 322
CHRISTCHURCH
Retrospective penalty$2,000.00