Foreign investors face maximum penalty for breach after $13M purchase

Mon, 15 Jul 2019

By Victoria Young July 15 (BusinessDesk) - Overseas investors who paid $13 million for five hectares of land in Auckland have been told to pay $300,000 to the Overseas Investment Office (OIO) and sell the 117-lot development they started within two years. In a decision released on Friday, Justice Grant Powell approved the maximum penalty for BCH Investments after the company admitted it was an overseas person that had acquired sensitive land, a breach of the Overseas Investment Act. The Albany property adjoins a scenic reserve, whic...

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