A stoush between May Wang's UBNZ Assets Holdings and the receivers of farms it wants to buy is now in the hands of the High Court.UBNZ Assets majority owner May Wang has suggested her company does not require OIO approval to buy 16 farms from KordaMentha,
A stoush between May Wang’s UBNZ Assets Holdings and the receivers of farms it wants to buy is now in the hands of the High Court.
UBNZ Assets majority owner May Wang has suggested her company does not require OIO approval to buy 16 farms from KordaMentha, the receivers of the Crafar dairy farming empire.
The company has a bid in to buy the farms, but sale is conditional on OIO approval.
However, the OIO today provided evidence to the High Court at Auckland in proceedings filed by UBNZ Assets Holdings and its shareholder with a 20% stake, Hong Kong-listed Natural Dairy (NZ) Holdings.
The OIO has maintained that it believed UBNZ Assets could required permission.
OIO manager Annelies McClure said while proceedings were not brought against the regulator, it participated by providing evidence and submissions.
The court has reserved its decision.
