-
May Wang pictured in a newspaper - Source: ONE News -
Related
Auckland bankrupt May Wang, who was associated with a bid to buy the Crafar group of farms, has been charged with bribery and money laundering in Hong Kong.
A warrant has also been issued for a former executive driector of Natural Dairy, Chen Keen, over allegations of corruption and under-hand dealing.
Hong Kong's Independent Commission Against Corruption alleges Wang and Chen conspired between May 2009 and December 2010 to offer two Auckland properties and more than HK$73 million to Chen as payment for procuring Hong Kong exchange-listed Natural Dairy (NZ) Holdings to acquire UBNZ Asset Holdings, which was owned by Wang.
Wang, who is now known as Hao May, faces one count of conspiracy to offer advantages to an agent and two of dealing with property known or reasonably believed to represent proceeds of a crime, the ICAC said in a statement.
She will appear at the Eastern Magistracy today. Chen failed to report to the ICAC yesterday, and a warrant has been issued for his arrest.
The additional charges relate to the alleged laundering of NZ$150 million in crime proceeds between December 2009 and December 2010.
Wang's UBNZ unsuccessfully tried to buy the Crafar family farms last year, which it then would have on-sold to Natural Dairy, having its application to the Overseas Investment Office turned down after failing to meet 'good character' tests.
UBNZ is still supplying milk to Natural Dairy after buying a facility in Tauranga, though Wang, who was bankrupted for her role in a previously failed business venture, is no longer affiliated with the companies, according to Companies Office documents.
The ICAC thanked New Zealand's Serious Fraud Office for its assistance in the investigation.
SFO Chief Executive Adam Feeley said the two organisations had been working closely on the case.
"The digital age makes it increasingly easy for financial crimes to be committed in more than one country, and highlights the need to have alliances with international law enforcement agencies," he said.
"We believe that there is clear evidence of offending having occurred in New Zealand. However, the alleged crimes were primarily directed at Hong Kong and Chinese investors and we therefore consider it is more appropriate for the authorities in Hong Kong lay the charges."
The ICAC was set up in 1974 to reign in rampant corruption in Hong Kong's public sector, according to its website.
UBNZ has been looking at increasing its investment in local biotechnology Genesis Research & Development. The New Zealand company today said it doesn't intend on proceeding with any further business dealings with UBNZ.
