CRAFAR FARMS: There probably is a god

[nitpicker1]

maybe they shoulda accepted the Fay consortium bid ?   

Crafar receiver fees nudge $7m

ANDREA FOX

Last updated 11:03 06/06/2012

 Receiver fees in the tortuous Crafar farms disposal saga are nudging $7 million and the billing clock is still ticking.

KordaMentha's latest reports to the Companies Office for the 16 farm receivership show the receivers claimed another $729,405 for the period October 5 to April 4.

In the previous six month billing period to October last year, the receivers' fees were $1 million, at the time taking KordaMentha's bill for the Crafar farm receivership to more than $6m.

Legal fees for the October 5 to April 4 were $321,858, taking the legal bill tally to $4.7m.

The central and southern North Island dairy farm estate operated by four companies was put into receivership by its bankers and financiers in October 2009.

As at April this year total bank debt owing financiers was $274m.

Chinese company Shanghai Pengxin is the receivers' preferred bidder for the farms and its bid has been approved twice by the Government on the recommendation of its agency the Overseas Investment Office.   

However court challenges by a group of Kiwi farmers and iwi led by Sir Michael Fay have stalled the Chinese purchase with the latest High Court hearing scheduled for next month.

Pengxin has said it intends to be farming the properties, which total nearly 8000 hectares, by spring, but will not comment on whether the purchase is yet unconditional.   

Insolvency specialists have said the Crafar receivership is uncommon, so the costs are difficult to compare to those of other big receiverships.

The latest receivers' report show preferential claims against Plateau Farms, the largest company in the former Crafar family business, with nine central North island farms, totalled $229,000 and have been paid in full.

However unsecured creditors owed around $2.5m by this company are unlikely to get any money back, the receivers have repeated.

The Ferry View Farms company which operates a dairy farm in Scott's Ferry, Manawatu has also settled in full preferential claims of $171,000 against it.

Unsecured creditors owed $5.6m when KordaMentha was called in in 2009 are also unlikely to see any money.

Hillside Limited, which operates five dairy farms throughout the central North Island has settled preferential claims totalling $107,000, but outstanding creditors owed around $2m are unlikely to see it.

Taharua Limited, which owns and operates a large-scale dairy farm at Taupo has paid in full preferential creditors $58,000, the receivers said.

This company owes unsecured creditors $474,000 which is unlikely to be paid out.
 

© Fairfax NZ News

http://www.stuff.co.nz/business/farming/7051330/Crafar-receiver-fees-nudge-7m

[nitpicker1]

http://blogs.wsj.com/dealjournalaustralia/2012/06/12/new-zealand-debates-china-buying-farm-land/

[nitpicker1]

...Prime Minister John Key says the return of sacred Maori sites on two of 16 Crafar dairy farms are part of deal to sell them to a Chinese company.

The Government has approved the sale to Shanghai Pengxin following a recommendation by the Overseas Investment Office but a court is now considering whether the correct process was followed after an appeal by New Zealand-based rival bidders, Fay consortium.

Maori Affairs Minister Pita Sharples yesterday said two iwi with ancestral links to two of the farms were in negotiations to buy back the farms.

The chair of Tiroa and Tehape Trusts in the North Island, Hardie Peni, told TVNZ's Marae Investigates programme that documents were being drawn up regarding farmland containing its sacred sites, or wahi tapu, but the details of the deal were still confidential. ...

http://www.stuff.co.nz/business/farming/7119756/Deal-on-cards-between-Maori-Chinese-Crafar-farm-buyers
 

[nitpicker1]

 

http://www.youtube.com/watch?feature=endscreen&v=pyZTfQah8Y4&NR=1

[nitpicker1]

Iwi rejects sacred site offer from Chinese firm
 By Adam Bennett


5:30 AM Friday Jun 29, 2012


Chinese company Shanghai Pengxin has been accused of making a "Claytons" offer to return historical pa sites to a King Country iwi after knocking back its offer to buy the farms where the sites are located.
 
Interests associated with King Country iwi Ngati Rereahu and central North Island iwi Tuwharetoa said yesterday that Shanghai Pengxin was seeking the "ridiculous" sum of $66.5 million for three properties out of the 16 former Crafar farms the Chinese company bought this year for a total believed to be just over $200 million.
 
The iwi interests believe the three farms, which include areas of cultural significance, are worth about $45 million.
 
Chris Kelly, the chief executive of Government-owned Landcorp, which will run the farms for Shanghai Pengxin, dismissed the claim, saying no offer had been made and he had only offered a "rough" verbal indication of what Landcorp believed the farms were worth.
 
But spokesman for the iwi group Hardie Peni said he had documents to back his claims including an email from Mr Kelly to Tuwharetoa in which he gave an indicative valuation and sale price.

He also had an email in which Terry Lee of Shanghai Pengxin expressed regret that the "valuation gap" between what the two parties believed the farms were worth meant Ngati Rereahu was withdrawing its purchase bid.
 
However Mr Lee offered the pa sites on the farms to the iwi to build a relationship.
 
But Mr Peni dismissed that as a "Claytons offer" as the return of the pa sites was part of Shanghai Pengxin's successful Overseas Investment Office application to buy the former Crafar farms this year.
 
Labour leader David Shearer said the price being sought by Shanghai Pengxin showed "Kiwi farmers are being priced out of the market by foreign corporate buyers".
 
"Kiwi farmers who are the best in the world at what they do simply can't afford to buy good land in their own country because large valuable tracts are being sold off to overseas buyers under this Government."
 
That was why Labour was promoting legislation to ensure that foreign buyers could not purchase land here "unless the benefits are greater than a New Zealand investor could produce and it brings substantial job creation and increases in exports".
 
Mr Peni is chairman of two Ngati Rereahu trusts which were part of a Sir Michael Fay-led consortium which competed against but lost to Shanghai Pengxin in a bid to buy the 16 former Crafar dairy farms this year.
 
The Fay Group is appealing against Justice Forrest Miller's High Court ruling that with support from Landcorp, Shanghai Pengxin has the necessary expertise and acumen to operate the farms as required under the Overseas Investment Act.
 
The appeal is due to be heard on Monday.
 
Mr Peni said the timing of the high offer from Shanghai Pengxin was very significant.
 
"I have little doubt it was an attempt to undermine our buying group ahead of the court appearance."
 
Ngati Rereahu and Tuwharetoa had had claims on the land where the three farms were located since the 1800s and saw the potential sale"as an opportunity to reclaim the land and a number of wahi tapu sites through a commercial transaction".
 
QUESTION OF VALUE
* King Country iwi Ngati Rereahu wants to buy two farms just south of Te Kuiti from Shanghai Pengxin.
 
* Tuwharetoa wants to buy one farm on the Napier Taupo Highway from the Chinese company.
 
* The iwi groups say the farms are worth a combined $45 million.
 
* They claim Shanghai Pengxin wants $66.5 million for them.

 By Adam Bennett

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10816221

[nitpicker1]

was Shanghai  Penxuin originally a Real Estate developer whose mining and agricultural interests developed after the first Qs regarding lack of business experience and acumen relevant to the overseas investment.  ?

 ^{When I first started tracking them down, that's the way it seemed to me.}

 
Second appeal starts against Crafar farms
 
Updated at 6:28 am today
 
Another legal challenge to the Government's consent for Shanghai Pengxin to buy the Crafar farms will be heard in the Court of Appeal in Wellington on Monday.
 
The New Zealand Crafar Farms Purchase Group, which successfully challenged the Government's initial approval of the sale, is behind the fresh appeal.
 
Earlier this year, the group led by Sir Michael Fay secured a judicial review of the sale of the 16 Crafar farms to the Chinese company, but that failed to overturn the decision.
 
The new appeal is based on the grounds that Shanghai Pengxin fails the test of business experience and acumen relevant to the overseas investment.
 
The hearing begins at 10am and is expected to conclude by the end of the day.

 
Copyright © 2012, Radio New Zealand

http://www.radionz.co.nz/news/rural/109662/second-appeal-starts-against-crafar-farms

[nitpicker1]

Fay and iwi lose Crafar appeal


WILLIAM MACE

Last updated 10:20 08/08/2012


The Court of Appeal has dismissed legal challenges from a group led by Sir Michael Fay against the long-running attempt by Chinese company Shanghai Pengxin to buy the Crafar farms.

Earlier this year the Government allowed the $200 million-plus Pengxin offer to proceed on the recommendation of the Overseas Investment Office.

However a group including Sir Michael, David Richwhite and two Maori trusts asked for a judicial review into that decision in the hope that their lower $171.5m bid for the 16 farms would win out.

In its decision released this morning the Court of Appeal said Pengxin's bosses had sufficient business experience and acumen to run the farming business and surpass the OIO's requirements.

The Court said the Government's conclusion that the investment would bring substantial and identifiable benefit to New Zealand had not been challenged.

Further delay would be prejudicial to the interests of third parties such as creditors of the Crafar's farming companies and detrimental to the state of the farms, the Court said.

MORE TO COME

http://www.stuff.co.nz/business/farming/7436659/Fay-and-iwi-lose-Crafar-appeal

MORE TO COME? betcha

[nitpicker1]

didn't take long:

Iwi may appeal Crafar farm court loss

ANDREA FOX AND WILLIAM MACE

Last updated 10:54 08/08/2012

Iwi challenging Shanghai Pengxin's purchase of the 16 Crafar farms say they will consider appealing a Court of Appeal decision rejecting their objection to the Chinese purchase. ... In a statement Pengxin said the farms would be purchased in the name of its subsidiary Milk New Zealand Holding and run by  Milk New Zealand Farm Management, a joint venture with Landcorp, which would honour all current arrangements made by receiver KordaMentha with sharemilkers and staff....

read the rest at  http://www.stuff.co.nz/business/farming/7436659/Iwi-may-appeal-Crafar-farm-court-loss

~~~~~~~~~~~~~~~~

Landcorp Farming Limited (Landcorp) — Ministry of Justice, New Zealand
RELEVANT ACTS. Landcorp Farming Ltd is a State Owned Enterprise under the State-Owned Enterprises Act 1986. It is also a company registered under the Companies Act 1993.
www.justice.govt.nz/.../l/landcorp-farming-limited-landcorp - Cached



SO GUESS WHO'D BE FIRST IN LINE WHEN LANDCORP GOES ON THE AUCTION BLOCK?  
  

just wondering

[nitpicker1]

 

http://news.google.co.nz/news/story?ncl=http://www.stuff.co.nz/business/farming/7484332/Four-Crafar-farms-sold-without-approval&hl=en&geo=nz

[nitpicker1]

http://www.nbr.co.nz/article/maurice-williamson-u-turns-over-crafar-court-action-bc-125991

[nitpicker1]

re http://xtranewscommunity2.smfforfree.com/index.php/topic,12049.0/msg,134848.html

OIO seeks to recover farms bought without approval
 
Updated at 2:04 pm on 16 August 2012
 
The Overseas Investment Office is taking civil proceedings against bankrupt businesswoman May Wang to take back four dairy farms purchased without approval.
 
Land Information Minister Maurice Williamson told Parliament the unauthorised purchase of the farms came to light while the OIO was processing the application by Hong Kong-based Natural Dairy Holdings in 2010 to buy the 16 Crafar farms.
 
The office turned down Natural Dairy's bid on the basis that its representatives, who included Ms Wang, failed to meet the good character test.
 
Mr Williamson said the four dairy farms were bought without any approval being sought from either OIO or the minister.
 
"As we began process to make them divest themselves of those farms we were notified by the courts in Hong Kong that charges of corruption had been laid against them and a stay had been put on those farms as they were assets involved in the court case".
 
Mr Williamson said now the stay has been removed, the Overseas Investment Office has decided to bring civil proceedings to make those farms be down sold.
 
He told Morning Report the illegal buy-up of farms will prove very expensive for those involved.
 
"They will lose their assets, it will have cost them a fortune. I'd have to say you'd have to be an idiot to try and break the law, buy some land illegally."
 
Listen to Maurice Williamson on Morning Report  To listen, click the link to the story
 
Case continues
 
The Serious Fraud Office says a case against May Wang and associates is still proceeding in Hong Kong.
 
Wang, now known as May Hao and two others are facing conspiracy and money laundering charges brought by the Independent Commission Against Corruption (ICAC) in Hong Kong.
 
The Serious Fraud Office, which has been helping with the case, says the defendants are due to appear again on 14 September at a preliminary hearing at which the ICAC will formally present its evidence.
 
It says a trial date may also be set.

Copyright © 2012, Radio New Zealand

 http://www.radionz.co.nz/news/rural/113339/oio-seeks-to-recover-farms-bought-without-approval

Dear Maurice:
May Wang is/was a NZ-born citizen, and as such did not need OIO approval to buy the four Crafar farms. It was her setting up of NZ Natural Dairy Ltd that led to revelations of her own insalubrious character (and that of some of her associates)

Just wondering whether you will be able to reclaim the farms she bought

[nitpicker1]

just for the record

Urgent Debate - Crafar farms sale decision - Part 1

[nitpicker1]

Key and Williamson duck for cover on Crafar

Home › Politics

Contributor:
Fuseworks Media

Wednesday, 22 August, 2012 - 15:42

New Zealand First is asking John Key and his minister Maurice Williamson why they are obfuscating on questions about the illegal purchase of four Crafar farms by fraudsters May Wang and Jack Chen.
 
Rt Hon Winston Peters says Mr Key today was allowed to dodge serious issues when answering questions in Parliament.
 
"Why have Wang and Chen never faced charges over their illegal purchase of the farms?
 
"These are very serious offences under the Overseas Investment Act which sees them liable for fines of up to $300,000 for each offence, yet they have never been charged.
 
"We now know that there was no reason why they couldn’t be charged in 2010 and there’s no reason why they can’t be charged now.
 
"Why does the Government refuse to take this action?"
 
Mr Peters says today’s performance in Parliament by Mr Key was a disgrace.
 
"Not one question got a straight reply. He must stop concealing the facts and for once come out and tell New Zealanders what it is about May Wang and Jack Chan that they have escaped legal action."

http://www.voxy.co.nz/politics/key-and-williamson-duck-cover-crafar/5/132457

[nitpicker1]

Maori question Crafar farms sale


ANDREA FOX

Last updated 05:00 04/09/2012

Maori trusts are expected to this week challenge a Court of Appeal decision clearing the way for the sale of the Crafar farms to Chinese company Shanghai Pengxin.

The court last month dismissed legal challenges from a farmer group led by Sir Michael Fay and the Tiroa E and Te Hape B Trusts to the long-running attempt by Pengxin to buy the 16 North Island Crafar farms, which have been in receivership for nearly three years.

Fay has walked away from the fight, but it is understood the trusts, which want to buy three farms in the central North Island that they claim are ancestral land, will go it alone in challenging the decision in court tomorrow. It is possible the court may not accept the trusts have a case to test.

The trusts represent Tu Wharetoa and Ngai Rereahu.

Pengxin is to contract state-owned farmer Landcorp to manage the farming estate, fulfilling a condition of the Government's consent for the purchase.

Landcorp has been acting as Pengxin's representative for the potential sale of the three farms to the Maori trusts, which claimed Landcorp had offered to sell them for $66.5 million.

The purchase price for the 16 farms has never been revealed by receivers KordaMentha, but is understood to be around $210m. Pengxin had hoped to have taken ownership of the farming estate by spring.

Landcorp chief executive Chris Kelly yesterday said providing there was no appeal to the Appeal Court ruling this week, Pengxin would go unconditional.

Pengxin would pay over the purchase money 30 working days after declaring the deal unconditional, unless it settled earlier, Kelly said.

Between unconditional and settlement dates, Landcorp would do due diligence, he said. This would involve counting dairy cows on the farms – thought to be around 13,000 – their condition, and feed reserves. It was most unlikely the process would turn up a dealbreaker for Landcorp, Kelly said.

As 50:50 sharemilker on the farms, Landcorp has to buy the livestock.

Because of the lateness in the new season of taking over management, Landcorp would be paid a management fee until June next year, after which the 50:50 arrangement would kick in.
 
Read the rest at http://www.stuff.co.nz/waikato-times/farming/7604921/Maori-question-Crafar-farms-sale


As 50:50 sharemilker on the farms, Landcorp has to buy the livestock.


see also http://www.waatea603am.co.nz/news/2012/september/land-trusts-to-continue-crafar-farm-challenge

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Landcorp reports 36% drop in FY operating profit

By BusinessDesk
Fri, Aug 31, 2012 3:54 PM NZST

Landcorp, the country's biggest farming company, said its operating profit fell 36 percent and is forecast to halve in the current year with prices expected to be generally lower.

The state-owned farmer said its ‘net operating profit’ fell to $27 million in the 12 months ended June 30, from a record $42 million on the same basis a year earlier. Sales fell 4 percent to $210.5 million.

The decline in operating profit mainly reflected the impact of “significant reductions” in prices for milk and timber in a year when sales fell even as the volumes produced rose. The company will pay the government a dividend of $20 million, down from $27.5 million in the previous year.

more of this at
http://nz.finance.yahoo.com/news/landcorp-reports-36-drop-fy-035459973.html

[nitpicker1]

Mystery benefactor funds Crafar bid
 By Adam Bennett


1:44 PM Wednesday Sep 5, 2012

 
Shanghai Pengxin's application to buy the Crafar farms is to go all the way to the Supreme Court after a deep pocketed mystery benefactor stepped forward to bankroll King Country iwi Ngati Rereahu's challenge.

http://www.nzherald.co.nz/politics/news/article.cfm?c_id=280&objectid=10831895

[Kiwithrottlejockey]

(click on the cartoon to read the news story)

[nitpicker1]

Supreme Court rebuffs Crafar appeal bid

The Supreme Court has dismissed an application by two Maori trusts to appeal against the sale of the Crafar Farms to China's Shanghai Pengxin.

17 October 2012
http://home.nzcity.co.nz/news/article.aspx?id=155859&fm=newsmain%2Cnrhl


~~~~~~~~~~~~~~~~~~~~~~~~~

Now 'no obstacle' to completion of Crafar farms purchase
By Fuseworks Ltd.

 Fuseworks – 5 hours ago


http://nz.sports.yahoo.com/news/now-no-obstacle-completion-crafar-032429084.html

~~~~~~~~~~~~~~~~~~~~~~~~~


http://www.trademe.co.nz/Community/MessageBoard/Messages.aspx?id=1075023&topic=24

[nitpicker1]

Landcorp denies Crafar farm sale meddling

ANDREA FOX

Last updated 14:53 18/10/2012

Landcorp chief executive Chris Kelly says he's getting fed up with suggestions that, as intended Crafar farms manager for Chinese purchaser Shanghai Pengxin, he is frustrating iwi efforts to buy two of the central North Island farms.

The state-owned enterprise boss said he had heard the rumours and they were "simply not correct".

However he said that as the two farms at Benneydale constituted a significant 25 per cent of the whole 16 farm Crafar estate package, personally, he would be asking Landcorp's future Chinese partner to consider why it would want to sell them.

After 18 months of legal challenges, Shanghai Pengxin, the Crafar farms receivers' preferred bidder, now appears poised to settle the purchase deal before December, after an 11th hour court challenge by two central North Island Maori land trusts was thrown out by the Supreme Court this week.

Tiroa E and Te Hape B Trusts chairman Hardie Peni today said there was now "no disputing" that the Chinese were clear to buy the dairy farming estate, but iwi were hopeful that a heads of agreement they had presented to Pengxin two weeks ago to buy the two farms was still on the table, despite the trusts' court defeat.

"We sent to China a heads of agreement and I understand they were agreeable, prior to us being informed that our case was not going to be heard (by the court)," Peni told Fairfax.

"We heard our heads of agreement did meet the objectives and requirements (of Pengxin) and that they were sympathetic but whether or not they honour this since the change in their favour we don't know."

Kelly knew about the heads of agreement and said it was not signed by Pengxin.

"I understand they have been in discussions but don't know where they are at. I think the latest determination by the court will probably change that, though I may stand to be corrected."

Kelly said it was not Landcorp's place to comment on any deal between iwi and Pengxin.

"Our position is we are going to take over managing the farms once the thing has been completed. We are party to a yet-to-be formed joint venture in which we will advise Shanghai Pengxin on the greater dairy interest in New Zealand, which may or may not include selling some of the farms."

But Kelly said if he was asked his opinion on selling the two Benneydale farms, the first question he would ask of Pengxin was "Why sell them anyway?"
 
He said Landcorp had not been asked by Pengxin "to do anything particular with those farms, to sell them or get involved".

"Other than some weeks ago when Shanghai Pengxin asked Landcorp to negotiate with iwi. I had a meeting with Hardie Peni...and said I was not in a position to personally to progress anything as we don't own the farms. My strong recommendation to him was to go away and wait until the court decision."
 
Asked if Landcorp would be in a position to influence the buying and selling of the Crafar farms after the deal is settled with the Chinese, Kelly said "absolutely not".

"We will simply be a joint venture partner (with Pengxin) in a company with an independent chairman. Both parties will be able to make recommendations to that company.

"So Landcorp could say 'we recommend selling or not' but that (decision) would be up to that company.

"Frankly it's getting to me a little (suggestion Landcorp is influencing Pengxin decision) and I wish people would stop saying it. It's not correct."

Kelly said he understood Pengxin would have 30 working days now to settle the purchase with receivers KordaMentha, believed to be for around $210 million.

The Crafar farms, once the single biggest family farming entity in the country, have been in receivership for nearly three years.

- © Fairfax NZ News

http://www.stuff.co.nz/business/farming/7833902/Landcorp-denies-Crafar-farm-sale-meddling

[nitpicker1]

Allan Barber reviews the final chapter in the Crafar Farms saga now that Shanghai Pengxin has succeeded. He looks at the positives. Your view?

Posted in Rural News
October 22, 2012 - 10:17am, Allan Barber
 
By Allan Barber
http://www.interest.co.nz/rural-news/61652/allan-barber-reviews-final-chapter-crafar-farms-saga-now-shanghai-pengxin-has-
succe

in my view this was the only result I would have expected in this sale to penxuin, I only hope the OIO repeats the "is of and remains of good character" that May Wang's outfit had tacked onto it in their attempt.

and that our leader does not decide to sell Landcorp now   

[nitpicker1]

NZ may charge Wang if Hong Kong lawsuit fails

VERNON SMALL
Last updated 05:00 25/10/2012

http://www.stuff.co.nz/business/farming/7858928/NZ-may-charge-Wang-if-Hong-Kong-lawsuit-fails










 

[nitpicker1]

see also mess #1, http://xtranewscommunity2.smfforfree.com/index.php/topic,11328.0.html
 http://www.trademe.co.nz/Browse/Listing.aspx?id=269614757
and
http://www.stuff.co.nz/taranaki-daily-news/news/6370273/Foreign-farms-buy-up-nearer#comments



Locals resume control of farm
 
Laurel Stowell
Wednesday, November 14, 2012 7:20

A Waitotara farm bought first by one of the Crafars and then by "a Chinese lady" is now back in New Zealand hands.
 
It's 160ha that reaches from the Waitotara River up on to flats on the Waverley side of the river, with a house and dairy shed.
 
Bill Butler, now living in Wanganui, sold the farm in 2005 to one of the Crafar family. He said after that it had a manager who first used the land to milk a dairy herd, then used it for dairy grazing.
 
Other farms owned by the Crafar family have been subject to prosecutions for pollution and poor animal welfare, but there were none in relation to this one.
 
The farm was then sold, allegedly to May Wang and Jack Chen, the controversial Chinese pair who bought it and three other Crafar farms without permission from the Overseas Investment Office. They are rumoured to have paid $3 million for it.
 
They are still subject to an investigation by Hong Kong's Independent Commission Against Corruption (ICAC) over that and other deals.

In their ownership, the farm was left in limbo for a period, with stock grazing and some supervision. During that time two Waverley farmers had stock there and noticed it was a better farm than they had thought and that it was very handy.
 
One of them was at an auction last November, where the property was to have been sold. "The day of the auction the agent stood up and said, 'I'm sorry, the auction is cancelled'. That didn't go down very well with prospective buyers."
 
The farmer, who does not want to be named, formed a partnership with two others and contacted real estate agent Bayleys to ask if the place was for sale. The partners were told it was, and bought it for less than $3 million.
 
"We didn't even know who we bought it off. Our solicitor dealt with a solicitor in Auckland. I understand that they were dealing with somebody in Hong Kong," the new buyer said.
 
The three were cautious about the sale. "No money changed hands until we had clear title."
 
The property is now owned by Riverview Holdings 2012 Ltd.
 
One shareholder said he personally had no problem with Chinese people owning land in New Zealand, especially if it was managed for them by New Zealanders.
 
"It was just a straight-out business deal from our point of view. It was a good farm, the price wasn't completely unreasonable and we are neighbours."
 
The new owners aim to use the farm to fatten bull beef. One of them said there wasn't enough land for a large dairy herd. Its water systems need work but they think it will be worthwhile.
 
"I believe the farm has not been farmed to its full capacity for quite some time. It's been badly under-utilised."
 
http://www.wanganuichronicle.co.nz/news/locals-resume-control-of-farm/1621472/

[nitpicker1]

IT'S A "WRAP"
!
Wrightson finally gets $25m Crafar Farms loan repaid

Monday December 03, 2012

 PGG Wrightson, New Zealand's largest rural services company, has finally received repayment of loans over the Crafar Farms of about $25 million following the sale of the properties to China's Shanghai Pengxin Group.
 
The repayment is slightly above expectations, Wrightson says. Crafar Farms was placed into receivership in 2009 to a syndicate of lenders, including PGG Wrightson.
 
The sale process became bogged in intrigue as the first buyers ended up facing fraud charges in Hong Kong and the successful bidder had to await a politicised decision from the Overseas Investment Office.
 
"Following a protracted sale process the receivers have now concluded the sale of the Crafar Farms assets and have distributed proceeds to the syndicate of lenders," Wrightson says.
 
The Crafar Farms loans made up the bulk of the $29 million of outstanding loans Wrightson retained in its PGW Rural Capital unit after the sale of PGG Wrightson Finance to Heartland Building Society last year.
 
Shares of Wrightson last traded at 36 cents and have fallen 5.3% this year.
 
(BusinessDesk)
 
http://www.nbr.co.nz/article/wrightson-finally-gets-25m-crafar-farms-loan-repaid-bd-133366

Grande Finale?  I hope.
 

[nitpicker1]

Crafar bidders could lose millions
By Edward Gay @edwardgay 


6:25 PM Thursday May 30, 2013
The pair behind the failed Crafar Farms bid could lose millions of dollars worth of real estate in Auckland and rural Manawatu.

The Police Commissioner has restrained million dollar properties as well as company shares, bank accounts and a BMW X5 registered in the name of Chen Keen.

Keen - also known as Jack Chen - and May Wang are facing legal action in the High Court at Auckland.

Details of the properties were released to the media today (Thur) by Justice Mark Woolford.

Four properties in Auckland's St Heliers have been restrained, as well as a Parnell property, two in Howick, one in Mission Bay and another in Flat Bush.

According to the Quotable Value website, two of the St Heliers properties have a capital value of more than $5 million each.

Some of the properties are owned by Anfatex Global Financial Investments. Keen's 100 million shares in that company have also been frozen.

As well as the Auckland properties, there are four farms in the Manawatu-Whanganui area owned by UBNZ Asset Holdings, one of the companies that tried to buy the Crafar Farms.

 

The legal move comes after New Zealand police were asked by their counterparts in Hong Kong to go after the real estate.

The property has been restrained ahead of a hearing, expected to take place later this year in the High Court at Auckland.

Wang and Chen were arrested in Hong Kong in late 2011 over business dealings said to have happened in New Zealand while Wang was trying to buy 16 of the Crafar dairy farms.

Wang is alleged to have conspired with Chen, who was then an executive director of Natural Dairy Holdings Limited.

The pair are alleged to have offered two properties in Auckland and a sum of over HK$73 million ($NZ11.8m) to Chen. It is alleged that these were offered as rewards for Chen to procure Natural Dairy to acquire UBAH, a company owned by Wang.

Wang is also charged with laundering NZ$150m in crime proceeds between December 2009 and December 2010.

At the time of the alleged offence, Natural Dairy was listed on the Main Board of the Stock Exchange of Hong Kong.

Neither Wang nor Chen were at court today during the brief hearing.

Their lawyer Marc Corlett said he would reserve the right to challenge the assets being seized.

Serious Fraud Office acting director Simon McArley said it is understood a preliminary hearing for the criminal charges would take place in Hong Kong in September.

Wang was the frontwoman for a bid on the Crafar farms in 2010, but the Overseas Investment Office declined the application after Wang failed the character test.

- APNZ
By Edward Gay

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10887474

[nitpicker1]

Shanghai Pengxin's dairy farming group breaches terms of ANZ loan, posts $9.4 mln annual loss



 Posted in Rural News 
Updated   January 20, 2016 - 09:44am, Gareth Vaughan 
 

Milk New Zealand Holding Ltd, the Shanghai Pengxin Group operations that run the former Crafar farms, has breached conditions of its ANZ bank loans against the backdrop of falling dairy payouts.

A Companies Office filing from Milk NZ notes that as of June 30 last year it had drawn down $94.7 million of a possible $99.3 million worth of ANZ loans. And the company breached one of its bank covenants.

http://www.interest.co.nz/rural-news/79589/shanghai-pengxins-dairy-farming-group-breaches-terms-anz-loan-posts-94-mln-annual

[nitpicker1]

Update

The failed bidders of Crafar farms have been found guilty of fraud in Hong Kong.

Hao May, formerly known as May Wang, 53, and two former senior executives of a listed company behind the bid, were found guilty of fraud over the acquisition of the 22 North Island dairy farms.

About 16 of the farms were eventually bought in 2012 by China's Shanghai Pengxin for a reported $200 million.

On Friday a jury at Hong Kong's Independent Commission Against Corruption (ICAC) convicted the trio of conspiracy to defraud over the planned purchase and laundering more than over HK$85 million.

READ MORE:
* Would-be Crafar farm buyers lose court bid
* Crafar farms sale to Chinese group approved
* Shanghai Pengxin puts all its farms up for sale

An ICAC statement said Wang, 53, Keen Chen, 48, and Wenjye Yee, 44, would be sentenced in May and it appreciated the assistance provided by the New Zealand Serious Fraud Office in the case.

The trio are not facing charges in New Zealand.

They were found guilty of two counts of conspiracy to defraud, while Chen alone was convicted of one count of dealing with property known or reasonably believed to represent proceeds of an indictable offence.

The court heard China Jin Hui Mining Corporation Limited (CJHM) was listed on the Main Board of the Stock Exchange of Hong Kong (SEHK) and engaged in the trading of iron ore. CJHM was renamed to Natural Dairy (NZ )(AND NZ on October 14, 2009.

Chen joined CJHM as executive director and joint chairman on May 7, 2009, while Yee was its vice-president.

Apart from being the owner and operator of UBNZ Trustee Limited (UBTL) Wang also owned beneficial interests in its affiliated companies – UBNZ Assets Holdings Limited (UBAH) and UBNZ Funds Management Limited (UBFM).

Between May 7 and September 8, 2009, Chen, Hao and Yee conspired together to defraud the SEHK.

They concealed that Chen had an interest in the acquisition, in that Chen and Hao were parties to an agreement signed between them and Latitude Asia Limited to share the commission arising from the sale and purchase of dairy farms owned by the Crafar Farms Group in New Zealand.

The court was told they also falsely represented that the gross profit of the properties and fixed assets relating to dairy farms owned by the Crafar Farms Group for the year ended May 31, 2009 was approximately HK$92.52m; and concealed or failed to disclose their true financial position.

As a result, SEHK was caused to allow CJHM to publish an announcement and a circular in relation to the acquisition which contained the false representations.

The court heard that between May 7, 2009 and July 19, 2010, Chen, Hao and Yee conspired together to defraud CJHM and its existing shareholders by using similar fraudulent means.

They caused CJHM and its existing shareholders to approve the agreement for the acquisition, and caused CJHM to issue and release convertible notes and an optional bond for the payment of the acquisition.

 - Stuff



http://www.stuff.co.nz/business/farming/79477642/may-wang-guilty-of-fraud-over-failed-crafar-farms-acquisition

Allan Barber reviews the final chapter in the Crafar Farms saga now that Shanghai Pengxin has succeeded. He looks at the positives. Your view?

Posted in Rural News
October 22, 2012 - 10:17am, Allan Barber
 
By Allan Barber
http://www.interest.co.nz/rural-news/61652/allan-barber-reviews-final-chapter-crafar-farms-saga-now-shanghai-pengxin-has-
succe

in my view this was the only result I would have expected in this sale to penxuin, I only hope the OIO repeats the "is of and remains of good character" that May Wang's outfit had tacked onto it in their attempt.

and that our leader does not decide to sell Landcorp now