The Serious Fraud Office (SFO) today confirmed that, acting on information received from the Overseas Investment Office (OIO), it had commenced an investigation into transactions between Natural Dairy (NZ) Holdings Ltd (Natural Dairy) and UBNZ Trustee
The Serious Fraud Office (SFO) today confirmed that, acting on information received from the Overseas Investment Office (OIO), it had commenced an investigation into transactions between Natural Dairy (NZ) Holdings Ltd (Natural Dairy) and UBNZ Trustee Ltd; UBNZ Assets Holdings Ltd; UBNZ Funds Management Ltd (the UBNZ group)
“We have received information from the OIO, together with materials received from other sources, to be satisfied that a “Part I Investigation” under the SFO Act is warranted; that is to say that an investigation into transactions involving Natural Dairy and the UBNZ group may disclose serious or complex fraud," SFO chief cxecutive, Adam Feeley, said
The transactions in question are the proposed sale and purchase of a number of dairy farms (commonly know as the “Crafar farms”) currently in receivership.
Mr Feeley said that the SFO was conscious of the possible impact of its actions, and for this reason the initial investigation would be carried out with all reasonable haste.
“After the initial investigation and report, we will decide whether there are reasonable grounds to believe an offence involving serious and complex fraud may have been committed and, if warranted, undertake a further, in-depth investigation under the powers of Part II of the SFO Act.”
Mr Feeley said that due to commercial and other sensitivities, the SFO would not be commenting further on the matter until the investigation had concluded.
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