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Overseas Investment Office declines consent to TIP-HNA

Contributor:
Fuseworks Media
Fuseworks Media

The Overseas Investment Office (OIO) has declined TIP-HNA New Zealand Holdings Limited’s application under the Overseas Investment Act to acquire 100 per cent of the shares in UDC Finance Limited.

The information provided about ownership and control interests was not sufficient or adequate for the OIO to determine who the relevant overseas persons are for TIP-HNA’s application to acquire UDC.

We were therefore not satisfied that the investor test in section 18 of the Overseas Investment Act 2005 was met. Without knowing who the relevant overseas person is, the OIO cannot be satisfied that section 18 has been met, therefore we are unable to grant consent.

The decision was delegated to the OIO as it involved significant business assets only.

TIP-HNA New Zealand Holdings Limited is able to apply to the High Court for a judicial review of the Overseas Investment Office’s decision.

Copies of decision documents will published on the OIO website early in the New Year.

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