| Decision | Consent granted retrospectively Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision date | 27 March 2013 |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition of property in New Zealand used in carrying on business in New Zealand (in a series of related or linked transactions) for consideration exceeding $100m, that property being vehicle assets and vehicle lease receivables. |
| Applicant | NZGT (FP) Trustee Limited as trustee of the FP Ignition Trust 2011 - 1 New Zealand The Trust Company Limited, Australia (100%) |
| Vendor | Persons who may be "overseas persons" Various (100%) |
| Background | The Applicant provides trustee services to the FleetPartners group of companies. FleetPartners is a specialist vehicle lease and fleet management business that operates in Australia and New Zealand. The Applicant has sought and been granted retrospective consent in connection with FleetPartners’ vehicle leasing operations. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | David Craig Bell Gully PO Box 1291 WELLINGTON |
| Retrospective penalty | $5000 |