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

 

Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>

ALSO:

Fletcher Whittled: Fletcher Dumps Adamson In Face Of Dissatisfaction

Fletcher Building has taken the unusual step of dumping its chief executive, Mark Adamson, as the company slashed its full-year earnings guidance and flagged an impairment against Australian assets. More>>

ALSO:

No More Dog Docking: New Animal Welfare Regulations Progressed

“These 46 regulations include stock transport, farm husbandry, companion and working animals, pigs, layer hens and the way animals are accounted for in research, testing and teaching.” More>>

ALSO:

Employment: Most Kiwifruit Contractors Breaking Law

A Labour Inspectorate operation targeting the kiwifruit industry in Bay of Plenty has found the majority of labour hire contractors are breaching their obligations as employers. More>>

ALSO:

'Work Experience': Welfare Group Opposes The Warehouse Workfare

“This programme is about exploiting unemployed youth, not teaching them skills. The government are subsidising the Warehouse in the name of reducing benefit dependency,” says Vanessa Cole, spokesperson for Auckland Action Against Poverty. More>>

ALSO:

Internet Taxes: Labour To Target $600M In Unpaid Taxes From Multinationals

The Labour Party would target multinationals operating in New Zealand to ensure they don't avoid paying tax if it wins power and is targeting $600 million over three years through a "diverted profits tax," says leader Andrew Little. More>>

ALSO: