A property investment company has been ordered to pay a 125-thousand dollar fine by the High Court
A property investment company has been ordered to pay a 125-thousand dollar fine by the High Court
1 April 2021
West Drury Holding Limited had an overseas shareholder -- when it bought 9.2-million dollar of land in 2017.
Foreigners must apply for approval from the Overseas Investment Office before buying land in New Zealand.
The company claims it didn't know it needed to, because the shareholder had a residence class visa.
But it was ruled the person didn't meet the definition of a resident under the Overseas Investment Act.
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