Published 14 June 2010
Justice Rhys Harrison has dismissed the application by UBNZ Assets Holdings Ltd & Natural Dairy (NZ) Holdings Ltd for a declaration that they don’t require consent under the Overseas Investment Act to buy 16 farms put up for sale by the receivers of the Crafar family’s businesses.
Justice Harrison heard the application in the Auckland High Court last Monday and issued his decision on Friday.
The 2 applicants, whose interests have been fronted by Chinese businesswoman May Wang, sought a declaration after entering a purchase agreement with receivers Michael Stiassny & Brendon Gibson (KordaMentha Ltd) conditional on consent under the act.
The receivers were appointed last October and entered negotiations with Ms Wang on $200 million of farms. Then, in April, they launched a tender through Bayleys, which closes on Wednesday 23 June.
U: The names behind the action, the week to 9 May 2010, part 1, May Wang holds off bankruptcy with 6c:$1 scheme
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Attribution: Overseas Investment Office release, story written by Bob Dey for the Bob Dey Property Report.