Overseas investor cops $540k fine for avoiding due process

Overseas investor cops $540k fine for avoiding due process
Staff reporters
A foreign investor who purchased a property without Overseas Investment Office approval has been fined $540,000, representing the capital gain on the sale of the Auckland property.The fine relates to a property deal in Karaka, Auckland by the shareholders of the Chor Trust, which paid $2.54 million for a Derbyshire Lane residence in 2016, and later sold for $3.2 million.OIO group manager Vanessa Horne said because the land was greater than 4,000 sqm and adjoined a reserve as well as the foreshore, consent was required under the Overseas Investm...