Legal advice failure leads to hefty OIO fine
The regulator investigated after an anonymous tip.
Andrew Bevin
Wed, 10 Jun 2020
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Offshore investors who bought an Auckland property without Overseas Investment Office approval have been fined more than $540,000 following a High Court ruling.
Bingyan Zhou and Xirong Zhou originally bought the property at 64 Derbyshire Lane, Karaka, for $2.55 million in 2013.
In 2016, they
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Andrew Bevin
Wed, 10 Jun 2020
Contact the Writer: andrew@nbr.co.nz
News tip? Question? Typo? Let us know: editor@nbr.co.nz
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
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Legal advice failure leads to hefty OIO fine
Property,
83905