By Tova O’Brien
The Crafar Farms case is going to court again – this time the consortium led by Sir Michael Fay is contesting part of the High Court judgement that has stalled the sale to a Chinese company.
The Fay group is questioning the dairy farming experience of the Chinese – but this afternoon the Chinese fired back.
Shanghai Pengxin has offered just over $200 million for the farm, but its ability is being called into question.
In order to buy sensitive land in New Zealand overseas investors must have the business experience and acumen relevant to the overseas investment.
The High Court ruled the Chinese company’s lack of dairy farming experience.
They have now taken that complaint to the Court of Appeal, an action constitutional law expert Bill Hodge says is probably “trying to… make it as expensive and delay it as much as possible”.
He says he’s “just guessing” that the group’s aim is “to try to persuade the overseas intending purchasers to give up and go away”.
However, Shanghai Pengxin says there's no chance it will pull out, and describes the Fay bid as a “phantom bid” supported by half-truths and allegations.
The Overseas Investment Office had hoped to make its new recommendation any day now, but this latest appeal has made that very unlikely.
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