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High Court dismisses plea from May Wang's UBNZ over Crafar Farms buy

High Court dismisses plea from May Wang's UBNZ over Crafar Farms buy

The Auckland High Court has rejected an application by May Wang's UBNZ Assets Holdings for a declaration that it didn't need Overseas Investment Act approval to buy Crafar Farms.

Natural Dairy, which is expected to buy the farms off UBNZ if the deal is approved by the Overseas Investment Office (OIO), said its plans for dairy acquisitions in New Zealand were unchanged.

"The court’s decision does not affect the companies’ plans to acquire dairy assets in New Zealand and it will be lodging the relevant OIO applications as intended," UBNZ said in a statement issued by its spokesman Bill Ralston.

Receiver Michael Stiassny at Korda Mentha put 16 Crafar Farms properties on the open market for sale in April, citing delays in an earlier deal to sell the farms to UBNZ.

Stiassny represents Westpac, Rabobank and PGG Wrightson who lent Allan Crafar and his family over NZ$200 million.

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