12 Jun 2010

Bid to avoid the Overseas Investment Act fails

5:54 pm on 12 June 2010

A company seeking to buy the Crafar dairy farms has lost a High Court case where it sought to avoid having to seek consent under the Overseas Investment Act.

UBNZ Asset Holdings Limited, which is 80% owned by businesswoman May Wang, had applied for a declaration from the court.

Natural Dairy NZ Holdings Ltd, the other shareholder, says in a statement that the application was dismissed on Thursday.

However, it says, the decision does not affect the company's plans to buy dairy assets in New Zealand, and applications will be lodged with the Overseas Investment Office.

Natural Dairy NZ Holdings has been asked to re-submit a detailed business plan.