OIO mulls action over illegal May Wang farm buys
The Overseas Investment Office is taking legal advice as it considers what to do about four North Island dairy farms bought illegally by a May Wang-linked company.
Late last year, an application for retrospective consent for the purchase of four Crafar farms by UBNZ Funds and UBNZ Assets, was declined by the government after Ms Wang was declared bankrupt.
UBNZ had bought the properties in February without applying for OIO approval.
The purchases were separate to the bid by Hong Kong-based Natural Dairy – fronted by Ms Wang – to purchase 16 of the Crafar farms for $220 million, an application also rejected by the government.
“It remains the OIO’s view that UBNZ Assets and UBNZ Funds are associates of an overseas person (Natural Dairy (NZ) Holdings Limited), and therefore consent under the Overseas Investment Act 2005 was required to purchase the four farms,” said Annelies McClure, Manager of the OIO.
“As consent was not sought before the farms were purchased, and retrospective consent was not granted by ministers, UBNZ Funds and UBNZ Assets have, in the OIO’s opinion, breached section 42 of the Act (which makes it an offence for a person to purchase overseas investments without consent).”
The OIO is seeking legal advice before deciding what action to take, she said.
“Possible actions that could be taken by the OIO include bringing a prosecution or seeking an order for a civil penalty, and applying to the High Court for an order that the farms be sold. However, UBNZ Assets could also voluntarily sell the farms.”
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Comments and questions17
No one can be above the law. Either they sell the farms or the OIO sells them by court order. No other options.
Well that should make the oio even more determined not to grant them the privilege of being allowed to own a piece of NZ.It does not pay to be too cunning.
Snake in the grass is so correct.
May Wang new exactly what she was doing, and was trying to circumvent the NZ legislation.
In the Chinese phsyc, the crime is 'getting caught out', not the actual offence. She should forfeit the farms to the crown, with NO compensation.
Hey Anglo Saxon, lots of your boys have been "caught" up with in the past 2 years (Blue Chip boy, Mr Hot-chin,Glory boy Jock Hobbs, the Consultant etc.) and in the US and UK more of the same.......
Hey the origination of all of this is pure Anglo Saxon, gee the western world will be in a mess for some time to come and yet the snake in the grass Chinese are running huge surpluses and will continue to do so.
However, do agree with your outcome,Wang should be forced to sell the 4 farms.....
Good for the OIO. Whatever the outcome, these farms should not revert to Chinese ownership.
Investment in companies might be one thing although preventing majority ownership being in communist China's hands (these so-called private companies are never private) is crucial.
However,allowing what are communist China-backed companies to actually own New Zealand land means in effect, that China can then own New Zealand territory, all the worrying legal implications.
New Zealand has been incredibly naive - and the lead from our government has been totally inadequate. But then what's different? Competent isn't exactly the word one would apply to our Parliament.
the rain girl is a moron
Oh for god sake make this idiot pay her bills before she runs up new ones.
How many other property been illegally purchased by overseas interests, without appropriate consent?
agree the rain girl is a moron
If guys. if your silly abuse is what passes for debate, in your eyes, then you may need an IQ assessment.
Rain Girl: there is no need to debate anything with people that blindly turn away other people because of there race. So I also concur: you are an idiot. And there is no need for you to be a part of any discussion - simpleton,.
Rain girl is not a moron, she is 100% correct most mainland chinese companies are government owned. the chinese government will have control over an NZ food asset and Kiwis will have to import their own milk from suspect suppliers at huge cost. There is no racism here just facts
Just a bit more on that, the chinese are soft loaning money to most pacific island states, they build infrastructure using their own labout all the money goes back to china and the locals are forever indebted to a communist government, that whats happening here in NZ, wake up. the stupid Aussies have been allowing it for years, unless the property is worth more than 220 million they don't even need approval to buy it. What a joke
I get the sentiment but Key has appointed his people to revisit the deal with Jack Chen directly. They're in talks now via third party.
My dear ignorant Clapton...your knowing no history is probably excusable in the prevailing ignorance of these times.
However, your equal ignorance, for a presumably grown man, of how to spell the possessive adjective their, is, I'm afraid quite unforgivable.
Your name calling is puerile.Tossing around words like "simpleton" is hardly a major debating point. And invoking that utterly inappropriate charge of racism, no doubt to terrify your opponents, won't work.
In fact your thinking is so bad, and so childishly abusive, that it would be more dignified of you to abstain from commenting on areas you obviously know nothing about.
Gordon is a moron - isn't he
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