Overseas investment decision for case 201210078 - New Zealand Longline Limited

New Zealand Longline Limited (“NZLL”)’s acquisition of the following interests in fishing quota under section 57B of the Fisheries Act 1996:

• red crab, giant spider crab and king crab quota shares from 27 September 2005;
• ling, blue shark and rays bream quota shares from 25 August 2005; and
• any amount of annual catch entitlement (“ACE”) from 25 August 2005.

NZLL is a joint venture owned 50% by Sealord Group Limited and 50% by Talley’s Group Limited. NZLL wishes to acquire various quota shares and ACE in order to continue its existing fishing operations. In addition, NZLL intends to establish the viability and sustainability of a new crab fishery in New Zealand.

The overseas investment transaction has satisfied the criteria in section 57G of the Fisheries Act 1996. The 'national interest' criterion was satisfied by particular reference to the following factors:

Fisheries Act 1996
57H(2)(a)(i) – Jobs
57H(2)(a)(ii) – New technology
57H(2)(a)(iii) – Increased export receipts
57H(2)(a)(iv) – Greater efficiency or productivity
57H(2)(b) – Other matters