May Wang, the businesswoman at the centre of a failed bid to buy the Crafar farms, has been found guilty of fraud charges in Hong Kong.
The failed bidders of Crafar farms have been found guilty of fraud in Hong Kong.
Hao May, formerly known as May Wang, 53, and two former senior executives of a listed company behind the bid, were found guilty of fraud over the acquisition of the 22 North Island dairy farms.
About 16 of the farms were eventually bought in 2012 by China’s Shanghai Pengxin for a reported $200 million.
On Friday a jury at Hong Kong’s Independent Commission Against Corruption (ICAC) convicted the trio of conspiracy to defraud over the planned purchase and laundering more than over HK$85 million.
An ICAC statement said Wang, 53, Keen Chen, 48, and Wenjye Yee, 44, would be sentenced in May and it appreciated the assistance provided by the New Zealand Serious Fraud Office in the case.
The trio are not facing charges in New Zealand.
They were found guilty of two counts of conspiracy to defraud, while Chen alone was convicted of one count of dealing with property known or reasonably believed to represent proceeds of an indictable offence.
See Full Story by Collette Devlin published 30 April 2016