The Overseas Investment Office took nine years to realise the Malaysian owner of a Tolaga Bay forestry company had been charged for illegally logging overseas.

It's one of three companies blamed for the huge amounts of slash that washed down rivers and into the township back in June this year.

And another Tolaga Bay forestry company owned by a Malaysian billionaire has been granted 24 consents to buy sensitive land despite one of his other companies facing accusations of environmental and human rights abuses abroad.

The revelations have renewed calls for changes to the way the good character test is applied to foreign investors.

