Applicant
Peony NZ Limited
Case number(s)
201420064
Decision date
Type
Decision
DecisionConsent granted retrospectively
Section 12(a) Overseas Investment Act 2005
Decision date21 April 2015
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in approximately 4.0000 hectares of land at Tramway Road East, Edendale, Southland.
Consideration$100,145
ApplicantPeony NZ Limited
Niels Molenaar, Netherlands (22.5%)
Dennis Molenaar, Netherlands (22.5%)
Gerardus Franciscus Hageman, Netherlands (12.0%)
Hendrikus Maria van Dam, Netherlands (12.0%)
Judith Maria van Dam, Netherlands (12.0%)
Rudi Verplancke, Netherlands (10.0%)
Semke David Jan Gerben Riepstra, Netherlands (9.0%)
VendorTriflor NZ Limited
Gerardus Franciscus Hageman, Netherlands (26.6667%)
Judith Maria van Dam, Netherlands (26.6666%)
Hendrikus Maria van Dam, Netherlands (26.6666%)
Semke David Jan Gerben Riepstra, Netherlands (20.0%)
Background

The Applicant has obtained retrospective consent to an informal lease of land used for growing peonies for export.

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)(i) – Jobs
17(2)(a)(ii) – New technology or business skills
17(2)(a)(iii) – Increased export receipts
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(e) – Previous investments
28(j) – Oversight and participation by New Zealanders

More informationMark Deacon
Sumpter Moore
5 Eden Street
Milton 9220
Retrospective penalty$6,000