Russian billionaire given retrospective consent for NZ property buy

Russian billionaire Mikhail Khimich has received retrospective consents from the Overseas Investment Office for a Waiwera property.

Mr Khimich owns 60% of the shares of Waiwera Water New Zealand and is in the process of acquiring the remaining 40% from the vendor.

The OIO has given Mr Khimich retrospective consent to complete the acquisition of the additional shares on the basis that he intends to develop the relevant land into an organic winery.

The OIO did not explain why the consents were retrospective.

 

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