The strange, mysterious and odd case of the Overseas Investment Technical Reference Group

by frog

If I were an overseas frog looking to buy up some prime Kiwi land I know who I’d be using as a law firm to lodge my application.  I’d be calling Russel McVeagh or Simpson Grierson or Chapman Tripp or Bell Gully or Minter Ellison Rudd Watts. 

The reason for my hypothetical hiring of these firms is that all of the above firms are represented on the advisory panel looking into how to best flog off New Zealand to overseas investors.   Though it still remains a mystery as to how the above firms got picked and dozens of other firms busily making moolah by assisting overseas investors missed out.

Five corporate lawyers from the above firms got the get go from former Minister of Land Information Dr Richard Worth on the 12^th March 2009.   Not only do these firms now have representatives looking into how to change the rules – they were thanked for agreeing to take part before journalists, opposition MPs and the general public knew there would be a review of the Overseas Investment Act – the review itself wasn’t announced till 17th March 2009.

Bill English the Minister in overall charge of this review didn’t seem to be aware of this strange and mysterious fact telling Russel in the House last week “I cannot give the member a detailed explanation of the sequence” when asked about the oddness of the group being picked before the review’s announcement!

After the official announcement Bell Gully were keen to tell the world they were involved announcing on their website that partner Andrew Petersen was to take part a day after the official announcement. 

The speed with which Richard Worth picked Mr Petersen seemed surprising to this frog.  The announcement from Finance Minister Bill English was only the day before and now we had Mr Petersen already picked by Dr Worth on 18th March. 

It wasn’t until some months a few Official Information Act requests later that it became clear all five representatives had been chosen beforehand. 

Chapmann Tripp didn’t want to seem unseemly in their haste to announce they’d be sticking their 2 trillion cents in to the review – it wasn’t until the end of March that their website trilled with the happy news that Chapmann Tripp partner Tim Williams was on board for the ride.

Simpson Grierson were even tardier announcing on 3 April that Don Holborow’s was on the Technical Reference Group.

Minter Rudd Ellison Watts release isn’t dated and Russel Mcveagh’s website is too hard for this frog to navigate though their representative on the Technical Reference Group Garth Sinclair apparently;

 …provides ongoing corporate and commercial advice to a range of clients including major New Zealand companies, multinationals with businesses in New Zealand, companies looking to invest in New Zealand.

Of course it will remain a mystery as to what sort of advice any of the firms will be giving their overseas clients – if any as Treasury has stated that Members of the group will not be asked to give formal advice in order to ‘reduce the risk of any conflicts of interest arising between the role of any group member, and their ordinary employment/obligations.

That old trick of not producing a written report to reduce conflicts of interest  should sort that then….

Oh and as a bonus here’s our latest video on this topic with Russel explaining some of these dealings