| Decision | Consent granted Section 12(1)(b) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 11 October 2024 |
| Pathway | Sensitive land – Special forestry test (one off) |
| Investment | 29.9% of the shares and 80% of the Voting Rights in Corisol Holding AG |
| Consideration | Nil |
| Applicant | Vanessa Frey Switzerland 100% |
| Vendors | Alexandra Frey (as to shares) and Beat Frey (as to voting rights) Switzerland 100% |
| Background | The Applicant sought retrospective consent to acquire 29.9% of the shares and 80% of the Voting Rights from other family members in Corisol Holding AG. Corisol Holding AG is the ultimate holding company of Corisol New Zealand Limited (Corisol NZ), which is a prominent forestry investor in New Zealand. This transaction was part of a wider family asset restructure, and no consideration was required. The use of the relevant land for commercial forestry purposes remains unchanged and does not include any residential land. Consent was not obtained prior to the transaction occurring as the Applicant mistakenly thought it was a matter of informing Overseas Investment after, rather than seeking prior consent. LINZ determined that the Applicant’s breach of the Act was inadvertent, and not intended to circumvent the Act. Retrospective consent was granted as the Applicant met the investor test criteria and the special forestry test criteria. All interests in sensitive land have been previously consented under the Act, and the Applicant had only increased her existing ownership interest and voting rights in Corisol Holding AG. |
| More information | Ranui Calman Greenwood Roche Christchurch |
| Retrospective penalty | $40,000 |