Crafar Farm bidders jailed
The North Island dairy farms were eventually bought by China's Shanghai Pengxin for $200 million.
Failed Crafar farms bidders May Wang and Jack Chen have been jailed for conspiracy to defraud in relation to the attempted purchase of the New Zealand dairy farms.
The pair, along with Yee Wenjye, were earlier this year found guilty of fraud over the acquisition of 22 of the North Island dairy farms, 16 of which were eventually bought by China’s Shanghai Pengxin for $200 million.
Wang, 53, also known as May Hao, was yesterday sentenced to eight years and three months’ jail in the Hong Kong Court of First Instance.
Chen, 48, also known as Chen Keen or Ke En Chen, was jailed for seven years and nine months on the same charges, a press release from the Hong Kong Independent Commission Against Corruption says.
Yee, 44, was found to have less culpability and was jailed for five years.
The trio had in April been found guilty of two counts of conspiracy to defraud, while Chen was also convicted for dealing with property known to be the proceeds of crime.
Madam Justice Anthea Pang Po-kam said at sentencing yesterday Chen and Hao were the masterminds and prime movers of fraud scams, which had a grave impact on the general public and stock market.
All three were disqualified from managing a company for 10 years.
Bribery and corruption charges were first laid in 2011 after a year-long investigation by Hong Kong's ICAC and New Zealand's Serious Fraud Office, which began when the Overseas Investment Office became suspicious of their Hong Kong stock exchange-listed company Natural Dairy (NZ) Holdings' bid to buy the Crafar farms.
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Hamish McNicol
Tue, 07 Jun 2016
Tue, 07 Jun 2016
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Crafar Farm bidders jailed
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