5 Mar 2010

Southland dairy takeover bid over

6:42 am on 5 March 2010

What was billed as a bid by a Northland hapu to buy 28 Southland dairy farms with Dubai money has fallen over.

Real estate agent John Wright from L J Hooker has advised the owners of 10 farmers with sale and purchase agreements due to be settled this week, that the deal is off.

He told Waatea News that Ngai Tupango, which has links to a jailed Australian fraudster, Shane Wenzel, failed to deliver on its undertakings.

Mr Wright says farmers involved have expressed sadness for the hapu.

Waatea News was unable to make contact with Ngai Tupango representatives.