Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


May Wang and Jack Chen targets of Hong Kong corruption probe

May Wang and Jack Chen targets of Hong Kong corruption probe

By Paul McBeth

Oct. 18 (BusinessDesk) – Hong Kong’s Independent Commission Against Corruption has charged Auckland bankrupt May Wang with conspiring to bribe officials with two New Zealand properties and money laundering, and has issued a warrant for the arrest of Jack Chen for his role in the scheme.

Wang, who is now known as Hao May, faces one count of conspiracy to offer advantages to an agent and two of dealing with property known or reasonably believed to represent proceeds of an indictable offence, the ICAC said in a statement yesterday. She will appear at the Eastern Magistracy today. Chen failed to report to the ICAC yesterday, and a warrant has been issued for his arrest.

The anti-corruption unit alleges Wang and Chen, known as Chen Keen, conspired between May 2009 and December 2010 to offer two Auckland properties and more than HK$73 million to Chen as payment for procuring Hong Kong exchange-listed Natural Dairy (NZ) Holdings to acquire UBNZ Asset Holdings, which was owned by Wang.

Two other charges allege between December 2009 and December 2010 Wang deal with the sales proceeds to UBNZ Asset Holdings, including two convertible notes worth NZ$150 million, which represented proceeds of an indictable offence.

Wang’s UBNZ unsuccessfully tried to buy the Crafar family farms last year, which it then would have on-sold to Natural Dairy, having its application to the Overseas Investment Office turned down after failing to meet ‘good character’ tests.

UBNZ is still supplying milk to Natural Dairy after buying a facility in Tauranga, though Wang, who was bankrupted for her role in a previously failed business venture, is no longer affiliated with the companies, according to Companies Office documents.

The ICAC thanked New Zealand’s Serious Fraud Office for its assistance in the investigation.

The ICAC was set up in 1974 to reign in rampant corruption in Hong Kong’s public sector, according to its website.

UBNZ has been looking at increasing its investment in local biotechnology Genesis Research & Development. The New Zealand company today said it doesn’t intend on proceeding with any further business dealings with UBNZ.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news