An overseas family's been slapped with nearly 1.4-million dollars in fines and legal fees - for breaching the Overseas Investment Act

The High Court in Auckland handed down the penalty, after the speculators bought five forestry blocks worth nearly 13-million dollars.

The land - purchased in areas all around the North Island and top of the South Island - was acquired under several company names.

The family used relatives based in New Zealand to invest on their behalf.

The court decided to discount the penalty... because the offenders admitted to the breaches, and disposed of the properties.