Applicant
New Zealand Longline Limited
Case number(s)
201110090
Decision date
Type
Decision
DecisionPermission granted retrospectively
Section 57 of the Fisheries Act 19961
Decision date23 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:

  • ling, blue shark and rays bream quota shares; and
  • any amount of annual catch entitlement (“ACE”).
Consideration$6,000,000
ApplicantNew 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%)
VendorVarious 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
57(4)(b)(i)(C) – New export markets
57(4)(b)(i)(D) – Greater efficiency or productivity
57(4)(b)(iii) – Other matters

More informationChris 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.