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Source: ONE News -
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The backers of a massive Chinese bid to buy New Zealand dairy farms have fronted saying they have got the cash for the purchase - but it has been revealed a woman associated with the deal is facing charges in court.
Natural Dairy Holdings is a publicly listed company which bought into UBNZ, the company negotiating with receivers to buy the Crafar portfolio of farms .
Auckland woman May Wang owns 80% of UBNZ and has interests in more than a dozen local businesses, several of which have failed.
Wang is due in court next week to face charges relating to one company, Dynasty Group, which is in liquidation. The Companies Office alleges she would not assist the liquidators, failed to keep adequate accounting records, and left the country to avoid examination of the company's affairs.
So far Natural Dairy is only negotiating to buy the Crafar farms, thought to be for around $200 million.
But it has much bigger plans - to control every step from the farm gate in New Zealand to the supermarket in China.
Whether that happens is up to the Overseas Investment Office, which is investigating the offer by Natural Dairy.
Farming reporter Richard Rennie says it could take up to 50 working days to decide whether the application will be granted.
If the deal is approved it will be the biggest foreign investment in New Zealand for the last few years.
