17 Aug 2010

Crafar farm bidder puts its case to public

9:04 pm on 17 August 2010

The Hong Kong-based company funding the purchase of 16 North Island farms belonging to the Crafar family has taken out full page newspaper advertisements saying it needs to set the record straight.

The 13 dairy and three dry stocks properties were placed in receivership in October last year.

The receivers have a conditional agreement with a company linked to Natural Dairy NZ Holdings, dependent on Overseas Investment Office approval.

The bid is fronted by businesswoman May Wang, who is facing charges under the Companies Act and is before the High Court fighting bankruptcy.

Spokesperson Bill Ralston says the Hong Kong-based company decided it needed to put its case to the public.

Mr Ralson says the advertisements which have cost upwards of $100,000, are trying to show there is an upside to foreign investment.

Federated Farmers has been sceptical of the proposal. Its dairy chairperson, Lachlan McKenzie, says the company has effectively recognised there are justified concerns in New Zealand.

Mr McKenzie says if there were no concerns, then Natural Dairy NZ Holdings would not have printed ads.