| Decision | Consent granted retrospectively Section 14A of the Overseas Investment Act 1973 |
|---|---|
| Decision date | 4 March 2014 |
| Investment | An overseas investment in sensitive land, being the Applicant's ownership or acquisition of, or control over, leasehold interests (including any rights of renewals) in up to approximately 4.0335 ha of land located at or adjacent to Vickerman Street and/or McKellar Quay, Port Nelson, Nelson (“the Land”) from 24 January 2001. |
| Consideration | Annual rent of $490,950 |
| Applicant | Sealord Group Limited Te Ohu Kai Moana (TOKM), New Zealand (50.0%) Nippon Suisan Kaisha Limited ("Nissui"), Japan (50.0%) |
| Vendor | Port Nelson Limited New Zealand (100%) |
| Background | Following Nissui’s investment in the Applicant, the Applicant became aware that an additional consent for the Applicant’s leasehold interests in relation to the Land was required. Therefore, the Applicant seeks consent for leases relating to its seafood processing site located on the Land. The Applicant claims that the site is integral to the Applicant’s focus on export growth. The overseas investment transaction has satisfied the criteria in section 14A of the Overseas Investment Act 1973. The 'national interest' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 1973 |
| More information | Chris Bougen Chapman Tripp PO Box 993 WELLINGTON 6140 |
| Retrospective penalty | $503.13 |