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

 

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news