May Wang could face NZ charges if Hong Kong prosecution fails
The Overseas Investment Office may prosecute failed Crafar farms bidder May Wang if she is not convicted of fraud charges in Hong Kong.
Ms Wang – who was linked to a bid by UBNZ Funds, UNBZ Assets and Natural Dairy to buy four of the farms in 2010 – is also facing charges of bribing officials and money laundering in Hong Kong.
In a briefing to government ministers in August, which the OIO has released, it says Ms Wang broke the law by helping with the Crafar Farms purchase.
UBNZ bought the Crafar properties in February 2010 without applying for OIO approval.
The OIO believes Ms Wang is implicated because she helped UBNZ avoid getting its consent.
The purchases were separate to the bid by Natural Dairy, which was fronted by Ms Wang, to buy 16 of the Crafar farms for $220 million, but this purchase was also rejected by the government.