Natural Dairy NZ Holdings Ltd., through its subsidiary, produces dairy products in New Zealand. The charge alleged that between May 7, 2009 and March 2, 2010, Chen and Hao May, owner of UBNZ Assets Holdings Limited (UBAH) in New Zealand, conspired together and with other people to offer two properties in Auckland and a sum of over HK$73 million to Chen as rewards for him to procure NDNZ to acquire UBAH The court was told they also falsely represented that the gross profit of the properties and fixed assets relating to dairy farms owned by the Crafar Farms Group for the year ended May 31, 2009 was approximately HK$92.52m; and concealed or failed to disclose their true financial position.
As a result, SEHK was caused to allow NDNZ to publish an announcement and a circular in relation to the acquisition which contained the false representations. They caused NDNZ and its existing shareholders to approve the agreement for the acquisition, and caused NDNZ to issue and release convertible notes and an optional bond for the payment of the acquisition.
Collette Devlin (StuffBusiness): May Wang guilty of fraud over failed Crafar farms acquisition, 30 Apr 2016
Hong Kong ICAC: Press Release, 06 Jun 2016
Natural Dairy NZ: Annual Report, 30 Jul 2008