SPCS

SOCIETY FOR PROMOTION OF COMMUNITY STANDARDS INC.

Crafar Farm deal rejected by Ministers – At issue: Lack of “good character”

by Leave a Comment

“The Ministers were not satisfied that all of the individuals with control of Natural Dairy were of good character. Accordingly, consent was declined.” Ms Annelies McClure Manager OIO.

Overseas Investment Office Media release – 22 December 2010 – Copy

Ministers decline Natural Dairy application for Crafar farms

Hon Maurice Williamson and Hon Kate Wilkinson have today declined consent to the application by Natural Dairy (NZ) Holdings Limited (Natural Dairy) to acquire the Crafar farms.

Annelies McClure, Manager of the Overseas Investment Office (OIO), said the Ministers concurred with the OIO’s recommendation that consent should be declined.

Under the Overseas Investment Act 2005, decision-making Ministers must decline consent if they are not satisfied that all of the relevant criteria for consent under the Act have been met.

“One of the criteria for consent is that Ministers must be satisfied that all of the individuals with control of an overseas person are of good character,” said Ms McClure.

“The Ministers were not satisfied that all of the individuals with control of Natural Dairy were of good character. Accordingly, consent was declined.”

[The Society applauds the National Government Ministers and the Overseas Investment Office for taking full and careful account of the criterion of “good character” of the prospective buyer, in arriving at this decision – in this case lack of good character].

A summary of the decision can be found at www.linz.govt.nz. [Read more…]

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…]

Crafar Farms, Foreign ownership, May Wang & the Overseas Investment Act 2005

by Leave a Comment

Enforcement agencies such as the National Enforcement Unit (NEU) of the Ministry of Economic Development (MED), the Serious Fraud Office (SFO), the judiciary (the Courts/Justice system) and the Overseas Investment Office (OIO), all play a key role in upholding community standards, prescribed in law, promoting and serving the “public good” and advancing the welfare of New Zealanders.

The following is a case study that raises a number of pertinent questions about the role of the above agencies in upholding community standards. The spiritual, social and economic welfare of the public suffers when fraud, corruption and exploitation of the economically vulnerable is allowed to go unchecked.

On 21 October 2010 the SFO commenced a part I investigation into the financial transactions between Hong Kong-based Natural Dairy (NZ) Holdings Ltd and three NZ registered companies directed by Ms May Yan Wang: namely UBNZ Trustee Ltd, UBNZ Assets Holdings Ltd and UBNZ Funds Management Ltd. The focus is the involvement of these companies in the purchase of 16 dairy farms formerly owned by the Crafter family company that was put into receivership on 5 October 2009. [Read more…]