Questions are being asked about the Chinese company wanting to buy a large group of New Zealand farms.
Farming reporter Richard Rennie says Jack Chen, who is listed as a director of Natural Dairy NZ, reportedly had to stand down from running any companies in mainland China for three years.
Rennie says Chen was barred because of security anomalies reported to the Hong Kong stock exchange.
Natural Dairy NZ Holdings Ltd is a Chinese company which changed its name from China Jin Hui Mining Corp in December and is registered in the Cayman Islands.
Natural Dairy NZ is a 20% shareholder in New Zealand company UBNZ Asset Holdings which is the company negotiating with receivers to buy the Crafar portfolio of 22 farms.
The Overseas Investment Office is investigating the offer by Natural Dairy NZ with Rennie saying the buyers filed a retrospective application of consent.
Rennie says it could take up to 50 working days to decide whether the application will be granted and that Natural Dairy NZ has only about a 10th of the estimated $1.5 billion needed.
However, Kerrie Knight, a lawyer for the Hong Kong company, says they have raised all the money they need and are negotiating with Crafar's receivers.
If it gets Overseas Investment Office Approval, Natural Dairy will buy 100% of UBNZ Holdings to then own the farms.
Knight says they have already raised the $250 million needed for the Crafar acquisition but are continuing to fundraise to buy more farms and production facilities.
He says people are worrying needlessly about foreign ownership, as the land can't be taken out of the country.
Business commentator Bernard Hickey from interest.co.nz told TV ONE's Breakfast programme on Thursday that questions do need to be asked.
"It does raise interesting questions about our sovereignty, our future of our industry and who is going to own all that land" he says.
If the deal is approved it will be the biggest foreign investment in New Zealand for the last few years.
