Applicant
PSA Capital Limited
Case number(s)
201020044
Decision date
Type
Decision
DecisionConsent Granted
Section 12(a) Overseas Investment Act 2005
Decision date18 February 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a leasehold/freehold interest in 708.1999 hectares of land at Southern end of the Craigieburn Range.
Consideration$6,914,110
ApplicantPSA Capital Limited
Simon Thomas Harvey, Australia (40.0%)
Yuri Koropachinskiy, Russia (20.0%)
Oleg Kirillov, Russia (20.0%)
Yury Zelvenskiy, Russia (13.4%)
Vladimir Uchitll, Russia (6.6%)
VendorBlackfish Limited
Simon Thomas Harvey, Australia (100.0%)
Background

This is the latest in a series of applications for overseas investment consent in relation to the development of the Porters ski field business (refer cases 201010070 and 201020062). The overseas investment will facilitate the ongoing development undertaken by the Blackfish Joint Venture since its acquisition of Porters in 2006.

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)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(a) – Consequential Benefits
28(c) – Affect New Zealand’s image abroad
28(e) – Previous investments
28(f) – Advance significant government policy or strategy

More informationMary Digiglio
Swaab Attorneys
GPO Box 35
Sydney 2001