High Court to rule on UBNZ's eligibility to buy 16 Crafar farms

The High Court is to rule on whether UBNZ Assets Holdings requires Overseas Investment Office approval to buy 16 farms from the receivers of Crafar Farms.

The OIO said it gave evidence to the court in Auckland today supporting its contention that businesswoman May Wang’s UBNZ did require its consent to buy the farms from KordaMentha.

UBNZ plans to two-pronged trannsaction if successful – first acquiring the farms and then allowing 20% owner Natural Dairy to buy the rest of UBNZ. That step still requires approval from the OIO, Natural Dairy said in a statement to the Hong Kong stock exchange this week.

“While court proceedings were not brought against the OIO, we participated as regulator of the Overseas Investment Act,” said manager Annelies McClure. “The OIO considers that consent may be required.”

The High Court has reserved its decision and has indicated it may makes its ruling on June 11.

Businesswire.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

SKT - Sky appoints new Chief Financial Officer
July 7th Morning Report
CDC Independent Valuation - 30 June 2025
TruScreen Group Limited SPP Update
THL provides updated guidance
CEN - Greymouth gas deal
July 4th Morning Report
July 3rd Morning Report
ikeGPS Chief Financial Officer Transition
TWL - TradeWindow announces strategic partnership with FTA