Overseas investors fined $1.38m for using NZ relatives to buy land
Stuff The businesses used relatives based in New Zealand to invest in forestry blocks on their behalf, in breach of the Overseas Investment Act. (File photo) At the High Court in Auckland, Justice Downs found that while the family’s lawyer provided poor legal advice, the investors’ breaches were negligent. The breaches were serious because the properties were large and acquired for commercial gain, Justice Downs said. Overseas Investment Office group manager Anna Wilson-Farrell said investors in New Zealand needed to be careful when participating in or acting jointly with an overseas p...