Applicant
Monte Capital Limited
Case number(s)
201410029
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date15 May 2014
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 533 hectares of land located at Kokomuka road, Lottin Point, East Cape (Waitangirua Forest).
Consideration$2,100,000
ApplicantMonte Capital Limited
Christian Welte, Switzerland (100%)
VendorWaitangirua Forest Limited
New Zealand (100%)
Background

The Applicant intends to amalgamate the land into its existing adjoining forestry operation in order to create a viable and sustainable forest for timber production.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Greater efficiency and productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(b) – Indigenous vegetation/fauna
17(2)(e) – Walking access
17(2)(f) – Offer to gift riverbed to the Crown

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(g) – Enhance the viability of other investments
28(i) – Economic interests

More informationSandy Van Den Heuvel
Blackman Spargo
PO Box 6206
ROTORUA