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Brierley Investments Move to Bermuda Sparks NZ Fuss

Tax-news.com

24 October 1999


The announcement last month by New Zealand company Brierley Investments Ltd that it intends to incorporate in Bermuda has sparked controversy because of the company's stake in Air New Zealand.

Concerns have been raised that the move to Bermuda by Brierley, which itself is 70% overseas owned and holds 172 million 'A class' voting shares in Air New Zealand (which cannot be owned by non-New Zealand residents), could jeopardise the airline's international landing rights agreements with other countries.

If the proposed move is not found to be acceptable under New Zealand law then this could leave the door open for rival airlines to challenge some landing rights agreements.

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