PHOTO: Photo: RNZ / Rebekah Parsons-King
An Auckland company that didn’t declare an overseas investor has been ordered to pay $140,000 in fines and legal fees.
The High Court has ruled West Drury Holding Limited broke overseas investment rules when it bought a $9.2 million property south of Auckland in 2017.
The property was on sensitive land, meaning it needed approval from the Overseas Investment Office – an arm of Land Information New Zealand.
At the time of the purchase, a person who owned 39 percent of the company’s shares was in New Zealand on a residence visa and did not intend to live in New Zealand permanently.
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