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High Court orders review of Crafar sale

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Wed, 15 Feb 2012 2:06p.m.

A consortium led by Sir Michael Fay lodged the application to review the decision (file)

A consortium led by Sir Michael Fay lodged the application to review the decision (file)

By 3 News online staff

A Chinese company’s bid to buy the Crafar dairy farms has hit a blockade after the High Court today ruled that Government ministers should “reconsider” the offer.

Chinese company Shanghai Pengxin’s bid to buy the farms was signed off by Land Information Minister Maurice Williamson and Associate Finance Minister Jonathan Coleman two weeks ago.

This was backed by a recommendation by the Overseas Investment Office.

Today’s High Court ruling has all but overturned the Government’s decision to allow the sale – reported at $210 million.

The court ruling came after a group of rival bidders, led by Sir Michael Fay, lodged an application for a judicial review.

Pengxin is owned by Nangtong Yingxin Investments, a Chinese company owned 99 percent by Zhaobai Jiang, reportedly the richest man in China.

The 16 farms were set to be bought by Milk New Zealand Holding Limited, a subsidiary of Shanghai Pengxin.

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Comments

15 Feb 2012 08:16p.m.

Phillip Clark wrote:

Christopher, people like you only think about one thing the money? Crafar farms or any other big parcels of land should stay in NZ hands no question, we are the best farmers in the world ! Get a grip and think about our Heritage and future and not the quick buck !!

15 Feb 2012 03:14p.m.

Christopher wrote:

The OIF recommended this sale to the Chinese. It should NOT go to Micahel Fay - his history with these issues is clear he will sell it of in small parts to make a profit. He does not care about 'farming' it]s just a money making machine to him. Bad decsion to reverse this - it will hopefully still go thru.