4 Oct 2013

High Court case underway for failed Crafer farm bidders

3:53 pm on 4 October 2013

The High Court has heard a week of evidence against the pair at the centre of a failed bid to buy the Crafar farms.

May Wang is facing corruption charges in Hong Kong after a company she owned at the time, UBNZ Funds Management, tried to buy 22 Crafar farms on behalf of the Hong Kong-listed business, Natural Dairy.

Ms Wang and her business partner Jack Chen are alleged to have defrauded Natural Dairy with false accounts that overstated the profit of the farms by about $50 million.

Authorities claim the alleged fraud made millions for Ms Wang, Mr Chen and Mr Chen's wife.

Evidence has been heard at the High Court in Auckland this week but media have been banned from reporting it.

Justice Ellis heard arguments from the prosecution and defence who opposed media coverage.

She ruled the evidence, which is only part of the case, would be prejudicial to the pair's trial, which is expected to take place in Hong Kong at the end of next year.