SPCS

SOCIETY FOR PROMOTION OF COMMUNITY STANDARDS INC.

Money laundering conviction for Natural Dairy duo involving HK$230m

by Leave a Comment

Two principals of a Hong Kong-based company that came close to buying New Zealand’s 22 Crafar farms have been convicted of laundering HK$230 million (NZ$36m).

The South China Morning Post said that a solicitor and the wife of a former director of listed company Natural Dairy (NZ) Holdings were convicted of the laundering.

Wu Wing-Kit, 57, was found guilty in the District Court of laundering HK$68.95m, while Ye Fang, 43, was convicted of dealing with the proceeds of indictable offences totalling HK$230m.

Natural Dairy (NZ) Holdings, known in New Zealand for its frontwoman, May Wang, had agreed to buy the Crafar family farms for NZ$375m.

Wu is Wang’s solicitor and Ye is the wife of Jack Chen, Wang’s business partner.

Prime Minister John Key at the time raised “concerns” about the sale of land to overseas interests.

In December 2010, acting on the recommendation of the Overseas Investment Office, the Government decided not to approve the application.

The rejection was based on the Government’s view that Natural Dairy were not fit persons.

The farms were later sold to another Chinese company, Shanghai Pengxin.

Full story: http://www.stuff.co.nz/business/10425426/Money-laundering-conviction-for-Natural-Dairy-duo

[Read more…]

May Wang charged with corruption – NZ Herald

by Leave a Comment

Former Crafar farms bidder May Wang has been charged with corruption in Hong Kong, over business dealings said to have happened here in New Zealand while she was trying to buy the dairy farms.

Hong Kong’s Independent Commission Against Corruption has charged the bankrupt May Wang with conspiring to bribe officials with two New Zealand properties and money laundering, and has issued a warrant for the arrest of Jack Chen for his role in the scheme.

For full article see: NZ Herald 19 October 2011

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10759961

Bankrupting May Wang “in the interests of justice” – Assoc. Judge Hannah Sargisson

by Leave a Comment

Associate Judge Hannah Sargisson is reported as saying yesterday, that making prominent businesswoman May Wang bankrupt, while not an easy decision, was correct “in the interests of justice“.  But many may be asking: ‘what exactly does this (quoted) phrase mean and how does it relate to the broader concepts of “truth”, “moral absolutes”, “ethical standards”, “public interest” and “community standards” – given that “justice” is generally perceived to be connected to one of more of these ideas?

To answer this question one must bear in mind that the associate judge said that Ms Wang had not been forthright to creditors or the court and the disclosure of her interests in the UBNZ group, the vehicle through which Hong-Kong listed Natural Dairy had planned to buy the Crafar farms “has been entirely inadequate“. [Emphasis added] [Read more…]

May Wang threat to taxpaying public says IRD lawyer – NZ Herald

by Leave a Comment

[The Society poses the question: When should the courts bankrupt a business woman and ban her from being a company director? Answer: when “the IRD believes allowing her to continue normal business activity will put the public at risk” and the action will serve the greater public good by helping to maintain the integrity of the New Zealand taxation system].

[May Wang] is “an insolvent dining at the table of a rich man, while her creditors’ receive the crumbs”. IRD lawyer, Nick Malarao.

NZ Herald Article by Kelly Gregor. 10 Nov. 2010

Crafar farm deal frontwoman May Wang has claimed more than $30 million in GST refunds for companies of which she is the director, a court heard yesterday. Wang is fighting Inland Revenue’s attempt to bankrupt her over a $1.3 million debt it is owed after the collapse of her property development company the Dynasty Group.

www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10686530 [Read more…]