Chinese to buy 24 NZ dairy farms?

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digidog
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Post by digidog » Thu Oct 28, 2010 10:39 pm

The latest Herald story in this saga.
http://www.nzherald.co.nz/business/news ... d=10683524" onclick="window.open(this.href);return false;
The Chinese company bidding for the Crafar farms has told its shareholders
it is "mystified" why the Serious Fraud Office is looking into its business
dealings in New Zealand.
Meanwhile, Natural Dairy has lost another key executive. Its company secretary
resigned this month for health reasons. She is the third executive to resign for
health reasons in the past two months.

Last month its chairman and another director quit - taking the total number of
resignations from its board over the past year to at least seven.

The company is several weeks' overdue announcing its annual results. Under
HKSE rules, it was supposed to announce its results by the end of September.
It has blamed the delay on a lack of information from its overseas subsidiaries.

In February, it parted company with its auditor, ShineWing, saying the two sides
were in dispute over its audit fee, and hired a new firm.

Natural Dairy has confirmed May Wang worked for ShineWing as an audit manager
until July last year.
However, it has denied any conflict of interest.

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Post by digidog » Wed Nov 03, 2010 10:38 pm

May Wang is still in the firing line.
UBNZ, the company at the heart of the Natural Dairy deal, is receiving income
from Fonterra for milk from the four Crafar farms it already owns but has not
declared the money to the IRD despite claiming millions in GST refunds, a
court heard yesterday.

Inland Revenue lawyer Nischal Malarao cross-examined UBNZ director May Wang
at the High Court at Auckland on her personal and company tax history and
obligations during a hearing to bankrupt her.

Wang is seeking court approval to pay her creditors 6.5c in the dollar, but the
IRD wants her bankrupted over a $1.3 million debt it is owed.
Wang said if she was bankrupted she would be banned as a director and UBNZ
would not be able to continue with Natural Dairy's deal.
UBNZ Asset Holdings has been receiving income from Fonterra for the milk four
Crafar farms purchased this year are producing.

The IRD says the income has not been declared but the company has filed GST
returns of $24 million.

Malarao questioned why 37 companies Wang has been the director of had not
filed about 300 tax returns.
http://www.nzherald.co.nz/crime/news/ar ... d=10685178" onclick="window.open(this.href);return false;

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Re: Chinese to buy 24 NZ dairy farms?

Post by seabird3 » Fri Nov 05, 2010 7:01 pm

http://www.nzherald.co.nz/business/news ... d=10685392" onclick="window.open(this.href);return false;
May Wang has been forced to name her anonymous financial backers during a bankruptcy hearing for the UBNZ director.

But the names of those who could decide the fate of the Crafar Farms deal won't be disclosed to the public yet.

Wang has told the High Court at Auckland that Natural Dairy's multi-million deal to buy about 20 Crafar farms across the North Island would fail if she was bankrupted.

Wang is the trustee of the deal, and the sole director and shareholder of UBNZ Trustee, the vendor set up for the deal.

UBNZ Asset Holdings is planning to buy the Crafar farms for the Hong Kong company and then transfer the assets over to Natural Dairy in return for shares in the business.

Wang has proposed to pay her creditors 6.5c in the dollar. This proposal will be part funded by UBNZ.

She said she would use a $500,000 advancement from UBNZ, as well as $850,000 she has been pledged from mystery backers in China and Hong Kong, where Natural Dairy is listed and based.

Inland Revenue, a creditor that is owed $1.3 million, is opposing the creditors' proposal, and IRD lawyer Nick Malarao alleged yesterday that the $850,000 was actually Wang's from an overseas account that has not been declared.

Wang strongly denied this, saying the reason she wouldn't disclose the backers was because they were "friends and associates" who she had promised anonymity to as a condition of the loan.

Wang said "about five people" were behind the $850,000.

Other conditions of the loan included that it be repaid within a five-year period at 5 per cent interest per annum.

Malarao also questioned Wang on four British Virgin Island companies that she is the director and sole shareholder of.

These companies are also linked to UBNZ and Natural Dairy. Wang said they were set up as an investment vehicle to raise money for Natural Dairy, but three never started trading.

Malarao questioned why Wang had not disclosed these companies to her creditors during an approval meeting.

Wang said she didn't realise she needed to because they were not worth anything.

Wang's lawyer, Paul Sills, also questioned his client on her domestic and international assets, asking her whether she had disclosed the truth to her creditors and the court.

Wang broke into tears, saying she didn't have any assets to her name and that she was living off the gratuity of friends and family, people "I have known for years".

Wang, a devout Buddhist, said God knew she had done the right thing by her creditors.

A closed hearing was held yesterday between Justice Hannah Sargisson, Sills, Malarao and Wang where the names of those crucial backers were disclosed.

Justice Sargisson said these names would remain out of the public arena unless the names of the individuals and their links to Wang, UBNZ and Natural Dairy garnered enough public interest to disclose them.

On Monday, the hearing will resume on whether Wang will be bankrupted or whether her 6.5c deal will receive the stamp of approval.

Glad I'm not a creditor with God in Ms Wang's corner!

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Re: Chinese to buy 24 NZ dairy farms?

Post by seabird3 » Sat Nov 06, 2010 4:21 am

The weekend feature interview this week in the Waikato Times is with Ms Wang
http://www.stuff.co.nz/nelson-mail/busi ... ying-shame" onclick="window.open(this.href);return false;

A crying shame
ANDREA FOX - The Dominion Post Last updated 05:00 06/11/2010

Among the gems in this interview with Ms Wang:
"I feel sad. It is very sad they put me through this."
And from the NZ citizen who is the NZ face of Natural Dairy and UBNZ Trust:
""I have been a New Zealander but I've never really lived here. I have a limited knowledge of local people..."
She lives in Hong Kong these days – raising money for Natural Dairy's dairying plans.

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Re: Chinese to buy 24 NZ dairy farms?

Post by seabird3 » Tue Nov 09, 2010 3:13 am

May Wang pays back $62,000 - IRD still wants her bankrupt
By Kelly Gregor 3:00 PM Tuesday Nov 9, 2010

http://www.nzherald.co.nz/business/news ... d=10686456" onclick="window.open(this.href);return false;
Crafar farm deal fronter May Wang has paid $62,000 in GST owed on the $500,000 advanced by UBNZ for her creditors' proposal after years of tax avoidance, a court heard today.

Inland Revenue has continued its fight to bankrupt May Wang over a $1.3 million debt.

Wang owes her creditors million of dollars from the fall of her property development company the Dynasty Group.

She has proposed to pay these creditors, which include Westpac bank, 6.5c in the dollar.

But IRD lawyer Nick Malarao said Wang had not disclosed all her assets to her creditors, including four companies in the British Virgin Islands, offshore trusts and offshore bank accounts.

One such company, 'Super Worth' has a bank account in Hong Kong and it was through this company that $850,000 was transferred to Wang for her proposal.

Wang told the court last week that "about five friends and associated" had loaned her the $850,000.

These mystery backers were disclosed in closed court - the names have not been released publicly.

Wang is listed as the director of Super Worth.

Natural Dairy, the Hong Kong-listed company the UBNZ group is buying the 16 Crafar farms for, has shares in Super Worth.

Malarao said this was a case of an "insolvent dining at a rich man's table, while creditors' receive the crumbs".

If High Court judge Hannah Sargisson accepts Wang's proposal, she will not be bankrupted and will be able to continue usual business activity.

But Malarao said this would not be in the public's best interest and that Wang's affairs should be handed over to the Official Assignee to protect the community from future commercial failures under her watch.

"Every single enterprise Wang has been involved in has been a failure. Every single year these enterprises have failed. They [the companies] have not filed tax returns. Therefore, [we are to assume] they have not made any money," Malarao said.

"There is a real risk that compliant taxpayers will suffer loses at the hands of May Wang."

Malarao said Wang had a strong history of tax avoidance, and that the pattern of the past was repeating itself.

UBNZ Asset Holdings have not filed GST returns, despite the fact it is earning income through milk production from four Crafar farms bought earlier this year, and have filed GST refunds for $24 million.

The UBNZ group has advanced $500,000 in future earnings to Wang for the proposal, as well as the $850,000, $1.35 million is available to creditors.

The case continues.

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Re: Chinese to buy 24 NZ dairy farms?

Post by ionet » Thu Nov 11, 2010 8:04 am

_


http://www.nzherald.co.nz/business/news ... d=10686530" onclick="window.open(this.href);return false;


Wednesday Nov 10, 2010

Wang threat to taxpaying public, says IRD lawyer


Crafar farm deal frontwoman May Wang has claimed more than $30 million in GST refunds for companies of which she is the director, a court heard yesterday.

Wang is fighting Inland Revenue's attempt to bankrupt her over a $1.3 million debt it is owed after the collapse of her property development company the Dynasty Group.

Inland Revenue lawyer Nick Malarao said yesterday that the recession could not be blamed for all Wang's commercial failings. Apart from her problems as a property developer, she also failed at property investment and film producing.

Wang owes several creditors millions from the collapse of the Dynasty Group. Most of those creditors have voted in favour of a creditors' proposal to pay them 6.5c in the dollar.

But the IRD believes allowing her to continue normal business activity will put the public at risk.

Malarao said Wang had not disclosed all her assets to her creditors, including four companies in the British Virgin Islands and overseas trusts and bank accounts.

Yesterday it emerged the $850,000 that has been paid to UBNZ Trustee for Wang's creditors' proposal fund was wired from the Hong Kong bank account of a BVI registered company in Wang's name.

Wang said last week she had no assets, domestically or internationally, to her name. The $850,000 had been given to her by "friends and associates" from China. She would not disclose her backers' names but was later forced to in closed court. They have not been released to the media.

But Super Worth, the BVI company that paid the money, is listed in Wang's name and Natural Dairy - which owns 20 per cent of UBNZ Asset Holdings - has shares in the company.

Malarao said Wang's involvement with these companies, overseas trusts and "friends" who were paying for her flights back and forth from Hong Kong was "an insolvent dining at the table of a rich man, while her creditors' receive the crumbs".

Last week, Wang said if she was bankrupted Natural Dairy's plan to buy 16 Crafar farms across the central and lower North Island would collapse.

Yesterday, Malarao said the public needed to be protected from future commercial failure, and that Wang's reluctance to file company and personal GST returns on time would be likely to continue if she averted bankruptcy.

Malarao said companies of which Wang was the director had claimed $8.5 million in GST refunds and UBNZ Asset Holdings had claimed $24 million, despite being late on two GST returns and not declaring income it had received from Fonterra.

Malarao said this would not be in the public's best interest and that Wang's affairs should be handed over to the Official Assignee to protect the community from further commercial failures under her watch.

"Every single enterprise Wang has been involved in has been a failure. Every single year these enterprises have failed. They [the companies] have not filed tax returns.

"Therefore, [we are to assume] they have not made any money," Malarao said.

"There is a real risk that compliant taxpayers will suffer loses at the hands of May Wang."

The hearing finished yesterday and Judge Hannah Sargisson reserved her decision.


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Re: Chinese to buy 24 NZ dairy farms?

Post by seabird3 » Mon Nov 29, 2010 2:36 am

http://www.nzfarmersweekly.co.nz/article/8608.html" onclick="window.open(this.href);return false;

Wang: I've done no wrong
22-11-2010 | Richard Rennie
May Wang says her previous business history which includes recent attempts to dodge a bankruptcy bullet were purely a result of bad timing, not personal ineptitude.

Wang appeared in court as recently as early November to defend attempts by the Inland Revenue Department to bankrupt her for $1.3 million owed after the collapse of a property business.

She also appeared in July to convince creditors to accept an offer of 6.5c in the dollar to settle past debts that amount to $22 million.

"The truth will always come out. I have not done anything wrong and I have been responsible," she said.

She appears perplexed by the high level of media attention she has garnered in recent months, saying that came despite her role in orchestrating the purchase of what amounted to only a "small portion" of land relative to the dairy industry's size. The Crafar estate amounts to 8000ha spread over 16 properties.

Her forays into movie making, hospitality and property businesses have seen her involved in 15 failed ventures but Wang blames the bank for pulling the rug from under her.

"I ask if you have ever made a mistake in your life?

"As a developer you always get aggressive in a good market like any entrepreneur.

"My mistake was being aggressive. If the bank did not like our projects they would never have lent to us."

She dismisses any suggestion her business history might affect the Overseas Investment Office's (OIO) lengthy decision time on whether to approve the purchase of the 16 farms or the legality of the four already bought.

"I am not the applicant. It is Natural Dairy (NZ) Limited. I am a New Zealand citizen."

However, under the Overseas Investment Act, as an associate of
an overseas company that is financing the deal she would also be required to have OIO consent.

She might also fall foul of the Act's Section 19, where consent may not be granted because of "any other matter that reflects adversely on the person's fitness to have the particular overseas investment".

There is also a "good character" test required under the Act.

Wang recently broke down in court claiming the Natural Dairy deal would be off if she were bankrupted by the IRD.

With Justice Sargisson reserving her decision, Wang would not comment further on what the implications of bankruptcy would be.

She said she "wished she knew too" when the OIO decisions would be made.

But she was confident, however, the Government would act according to law and appreciate the benefit Natural Dairy would bring to the economy by buying the farms.

She refuted claims by IRD lawyer Nick Malarao that the public needed to be protected from her possible future commercial failure.

Malarao told the court her late filing of tax and GST returns would only continue if she were not bankrupted.

"I did not borrow any funds from the public so where is the risk to the public?"

The issue of creditors not being paid was the fault of banks that had forced her hand, making her quit assets at knock-down prices and leaving her nothing to pay unsecured parties.

Wang has distanced herself from auditors' claims this month that Natural Dairy's books failed to be a "true and fair view" because of a lack of reliable information.

Shares in the company have been suspended on the stock exchange for the past nine months and she is at a loss to know when trading will recommence.

However, she maintains her own efforts at raising extra capital to complete the Crafar purchase are going well, citing "different sources" for helping contribute the additional $100 million required to meet the estimated $220 million price on the properties.

It emerged earlier this month Wang had sourced an additional $850,000 from a British Virgin Islands based company to complete her 6.5c in the dollar settlement with creditors.

Despite Wang claiming she has no assets, the company was registered in her name.

She is similarly upbeat about her wholly owned NZ Dairy Processors plant in Tauranga, due to start production of UHT milk processing.

The company missed its October 15 target to buy milk off Fonterra through the DIRA milk regulations and is now in a vulnerable position on future milk pricing with the co-operative.

"Yes, there is a risk the price will be more.

"Unfortunately there were delays with the plant as there is with everything when it is being built."

But she is undaunted over the prospect of sourcing more expensive milk.

"If Fonterra will not supply it then we will get it from someone else."

She was unable to say exactly who but did not believe sourcing would be a problem.

"We are not unknown.

"In fact, we are very well known now."

She was very confident the plant would be processing before Christmas and paying cash up front for the milk was not a problem.

Wang's court appearances have also involved charges she has claimed $24 million in GST refunds as director of UBNZ Assets Holdings, owner of the four ex-Crafar farms in the lower North Island, while not paying GST on income received through milksolids supplied to Fonterra off the farms.

Wang is adamant she was obliged to file the refund claim, acting
on advice from accounting firm BDO.

However, contractors and suppliers to the properties have been wary of supplying goods without cash payments up front and some suppliers have had on-going issues with payments.

"We have just identified some issues with payments and are sorting them out this week."

Despite the assorted setbacks extending from the Hong Kong Stock exchange to meeting farm bills in Manawatu, Wang does not feel the Crafar tender is slipping away.

"I believe I have not done anything wrong and have been responsible.

"I am not the only one who had a hard time going into recession.

"I am not even a big developer compared to some," she said.

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Post by digidog » Mon Dec 06, 2010 9:10 pm

Failed property developer May Wang's attempt to avoid bankruptcy in the Auckland
High Court has been rejected.
...the IRD believes allowing her to continue normal business activity would put the
public at risk.
http://www.nzherald.co.nz/business/news ... d=10692656" onclick="window.open(this.href);return false;

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Re: Chinese to buy 24 NZ dairy farms?

Post by marika3 » Fri Dec 10, 2010 1:11 am

The $200 million Crafar farm deal is still on for Natural Dairy, despite its vice-president being voted off the board and frontwoman May Wang bankrupted over a $22 million debt, the farms' receivers say.
http://www.nzherald.co.nz/business/news ... d=10693245" onclick="window.open(this.href);return false;
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Post by digidog » Mon Dec 13, 2010 12:45 am

May Wang's lawyer is back in court today seeking to have her bankruptcy suspended.

http://www.nzherald.co.nz/business/news ... d=10694039" onclick="window.open(this.href);return false;

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Re: Chinese to buy 24 NZ dairy farms?

Post by Foggyone » Mon Dec 13, 2010 2:37 am

Who's paying the legal bills for May Wang?
Wang's lawyer Paul Sills said appeals were lodged last week with the Court of Appeal against both High Court decisions.
Legal aid? Surely not.
Google, the answer to so many questions!
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Re: Chinese to buy 24 NZ dairy farms?

Post by seabird3 » Wed Dec 22, 2010 5:23 am

http://www.nzherald.co.nz/business/news ... d=10696047" onclick="window.open(this.href);return false;
Govt turns down Crafar farms bid
By Adam Bennett Breaking 5:39 PM Wednesday Dec 22, 2010


The Government has turned down Hong Kong listed Natural Dairy NZ's controversial bid to buy the Crafar dairy farms.

Land Information Minister Maurice Williamson and Conservation Minister Kate Wilkinson said they had declined Natural Dairy's Overseas Investment Office application to buy the 16 farms from receivers in a deal thought to be worth about $200 million.

They also declined Natural Dairy's retrospective applications for clearance for an earlier purchase of four Crafar farms.

The Ministers' decision covers the applications by Natural Dairy (NZ) Holdings Limited to acquire UBNZ Assets Holdings Limited and 16 of the Crafar farms.

The Ministers also declined consent to UBNZ Assets Holdings Limited's retrospective application to acquire the four Crafar farms it purchased in February 2010.

"We concur with the Overseas Investment Office's recommendation that consent should be declined," the Ministers said.

"We will not be commenting further on our decision."

The purchase was originally intended to be the first stage of a $1.5 billion plan to establish a pasture-to-supermarket shelf operation supplying infant formula and other dairy products to the Chinese market.

However, the plan, which sparked public concerns about overseas ownership of farmland and a consequent tweak in overseas investment rules hit a series of hurdles.

Auckland businesswoman May Wang, who was the public face of Natural Dairy in New Zealand, was earlier this month bankrupted for a $22 million debt.

In October the Serious Fraud Office launched a probe into Natural Dairy's affairs after the Overseas Investment Office passed it information the SFO said "may disclose serious or complex fraud".

Overseas Investment Office (OIO) manager Annelies McClure said under the Overseas Investment Act one of the criteria for consent was that ministers had to be satisfied that all of the individuals involved with applications were "of good character".

"The Ministers were not satisfied that all of the individuals with control of Natural Dairy were of good character. Accordingly, consent was declined."

The OIO said it considered that the charges Ms Wang was currently facing with regard to her previous businesses "and the possibility of further charges cast doubt on her good character".

"In addition, her reported conduct in the context of her bankruptcy proceeding raised further concerns."

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Post by digidog » Wed Jan 05, 2011 3:50 am

Will wemoving one Wang be enough?
Natural Dairy NZ cuts ties with Wang, makes retrospective applications to purchase
Crafar farms. SFO investigation into NDNZ continues.

http://www.nzherald.co.nz/business/news ... d=10697977" onclick="window.open(this.href);return false;

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Re:

Post by ionet » Thu Jan 06, 2011 3:44 am

digidog wrote:Will wemoving one Wang be enough?
Natural Dairy NZ cuts ties with Wang, makes retrospective applications to purchase
Crafar farms. SFO investigation into NDNZ continues.

http://www.nzherald.co.nz/business/news ... d=10697977" onclick="window.open(this.href);return false;

Have all the factories in China produced enough Air Freshener for the job in hand yet ? ;-)

there are many cracks & crannies in some of the middle & upper offices which often get overlooked & accumulate hidden very stubborn dust collections ;-)


It's amazing that IRD havent latched onto the hidden millions of GST collected being harboured within the walls yet .. are they still away on holiday ? ;-)

Statutory Management might shake it loose, if nothing else may do =;

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Re: Chinese to buy 24 NZ dairy farms?

Post by eastauck » Thu Jan 13, 2011 10:25 pm

A new political party linked to the businessman behind a failed Chinese bid for the Crafar dairy farms says it will contest the Botany byelection.

he must want them farms real bad

Jack Chen, who claims to be the force behind Natural Dairy NZ's bid for the farms, met key leaders of the fledgling New Citizen Party in Beijing last week to discuss plans for its future.

Mr Chen outlined a "two-step plan" to win parliamentary seats.

"First, there's a plan to win Botany by winning the support of the migrants, who make up more than half of the voters there," he said, speaking in Mandarin.

"Our party leaders will then be talking with Maori tribes to also get their party votes for us to get at least six candidates as MPs at this year's election."

http://www.nzherald.co.nz/politics/news ... d=10699542" onclick="window.open(this.href);return false;

for some reason he thinks he can buy the tribes as well as the farm land

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