Panamanian company bought NZ land - Labour

Why do many people think of economics as a bastion of libertarianism? Photo / iStock

The Labour Party says says it has identified the Mossack Fonseca client who got approval to buy sensitive land in New Zealand.

RNZ National is reporting Labour MP David Cunliffe saying that the decision was about the sale of Onetai Station in North Taranaki in 2014 to Ceol & Muir, a Mossack Fonseca client.

Following the news of the leak early this month, the Overseas Investment Office started to review its approvals and applications to see if any involved Mossack Fonseca and found the 2014 decision, RNZ National reports.

Minister for Land Information Louise Upston asked the office to review the application to ensure it was appropriately assessed and that any concerns were properly investigated. She said, if any were found, she expected the OIO to take appropriate action.

The OIO was continuing to go through its records to see if any other approvals were connected with Mossack Fonseca.

The OIO's 2014 decision showed an application for overseas investment in sensitive land, being the "applicant's acquisition of a freehold interest in approximately 1,317.2122 hectares of land at 1437 Manganui Road, Awakino, Northern Taranaki.

"The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors," the application said citing jobs, additional investment for development, indigenous vegetation and fauna and walking access.