19 Oct 2011

Genesis cuts ties with UBNZ over corruption charges

6:59 am on 19 October 2011

Biotechnology company Genesis Research and Development has cut ties with UBNZ Fund Management in response to the news that its principal, May Wang, is facing corruption charges in Hong Kong.

Genesis chief executive Stephen Hall says UBNZ had been considering further investment in his company but, given the latest developments, Genesis did not intend to proceed with any further business dealings with UBNZ.

UBNZ currently owns 16.3% of Genesis.

Mr Hall says Genesis has been reviewing a number of opportunities for the development and marketing of New Zealand food and derivatives, but at this stage none have any certainty of proceeding.

In recent years, the biotechnology company has struggled to fund its projects for commercialisation and last year it closed its New Zealand operations with the loss of nine jobs.