| Decision | Consent granted retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
Decision Maker | Overseas Investment Office |
| Decision Date | 1 October 2019 |
| Pathway(s) | Sensitive land – substantial and identifiable benefit to New Zealand. |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 68.3843 hectares of land at 388 Bennetts Road, Cust. |
| Lease Payment | $81,600 per year |
| Applicant | PGG Wrightson Seeds Limited DLF AmbA, Denmark (95.1%) DLG AmbA, Denmark (4.85%) Danish Public (0.05%) |
| Lessor | Kenneth Brian Judson and Ailsa Mary Judson New Zealand (100%) |
| Background | The Applicant is ultimately a wholly owned subsidiary of PGG Wrightson Seeds Holdings Limited, which is now owned by DLF Seeds A/S, a company incorporated in Denmark. The Applicant is a seed research, development, supply and support company. It is using the land as a research and development site to operate its seeds business. The Applicant tests new seed varieties and hosts field days on the land to showcase these products. The land is near to the Applicant’s Kimihia Research Centre. The Applicant entered into the lease without first obtaining consent under the Act. The Applicant satisfied the Overseas Investment Office (OIO) that the breach was inadvertent as it did not realise it required consent to the initial three year term of the lease and the matter was brought to the OIO’s attention when it applied for consent to extend the term of its lease. The Applicant has satisfied the OIO that the breach of the Overseas Investment Act was inadvertent, and that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
| More information | Andrew Matthews Simpson Grierson Private Bag 92518 AUCKLAND 1141 |
| Retrospective Penalty | $10,000 |