15 Oct 2012

Crafar farm buyer won't be pressured over price

12:44 pm on 15 October 2012

The company that intends to buy the Crafar Farms out of receivership, says it won't be pressured by iwi using the media to force down the price of two farms they wish to buy themselves.

Two Iwi land trusts, Tiroa E and Te Hape B, have being trying to negotiate with Shanghai Pengxin of China, to buy two of the farms at Benneydale.

Last month the trusts filed an application to the Supreme Court, to try to stop the sale of all 16 Crafar farms from going ahead.

That was after the Court of Appeal rejected a second attempt by New Zealand farming interests, including the iwi trusts, to block the sale.

Shanghai Pengxin spokesman Cedric Allen confirmed the trusts say they will withdraw their further legal challenge if the Chinese sell the two farms to the Iwi for the price they want.

But Mr Allen said Shanghai Pengxin will not be held to ransom through the media.

Previously Shanghai Pengxin offered to sell the Benneydale farms to the iwi for $66 million, but that price was rejected.