It will be at least another 10 weeks before the Crafar farms creditors know if they will see any cash from a proposed Chinese acquisition.The Overseas Investment Office has requested more information from Natural Dairy (NZ) Holdings and asked it to resubm
It will be at least another 10 weeks before the Crafar farms creditors know if they will see any cash from a proposed Chinese acquisition.
The Overseas Investment Office has requested more information from Natural Dairy (NZ) Holdings and asked it to resubmit its application to buy the Crafar family properties, placed in receivership in October last year, owing more than $200 million to lenders Rabobank and Westpac.
Recently the Hong Kong-listed company announced its plans to invest $1.5 billion in new Zealand’s dairy industry including farms and milk processing capacity.
Natural Dairy has a 20% stake in New Zealand-registered company UBNZ Assets Holdings. The remaining stake is owned by Chinese-born New Zealand citizen May Wang.
Company spokesman Bill Ralston said Ms Wang remains in Asia on a fundraising drive seeking interest in the proposed New Zealand investment.
Ms Wang is the owner of a string of companies in liquidation, which owe at last $700,000 to creditors.
Mr Ralston said the only cash that has changed hands was for the initial purchase of four farms, including two owned by Robert Crafar, which were also in receivership.
An agreement has been reached with the receivers of the Crafar family farms, but payment is on hold until the OIO application is dealt with.
