Decision | Permission granted retrospectively Section 57 of the Fisheries Act 19961 |
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Decision date | 23 October 2013 |
Investment | New Zealand Longline Limited’s (“NZLL”) acquisition and the continued holding of the following interests in fishing quota from 1 October 1999 until 24 August 2005:
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Consideration | $6,000,000 |
Applicant | New Zealand Longline Limited Talley's Group Limited, New Zealand (50.0%) Te Ohu Kai Moana (TOKM), New Zealand (25.0%) Nippon Suisan Kaisha Limited ("Nissui"), Japan (25.0%) |
Vendor | Various fishing quota holders |
Background | NZLL is a joint venture owned 50% by Sealord Group Limited and 50% by Talley’s Group Limited. NZLL required consent to acquire various quota shares and ACE in order to continue its existing fishing operations. The overseas investment transaction has satisfied the criteria in Section 57(4) of the Fisheries Act 1996. The 'national interest' criterion was satisfied by particular reference to the following factors: Fisheries Act 1996 |
More information | Chris Bougen Chapman Tripp PO Box 993 WELLINGTON 6140 |
Retrospective penalty | $503.13 |
1 Pursuant to section 77(2)(c) of the Ovesreas Investment Act 2005, this application must be decided under section 57 of the Fisheries Act 1996 prior to its amendment by the Overseas Investment Act 2005.