BREAKING: Court overturns Crafar farms sale decision

Wednesday, 15 February 2012, 1:56 pm
Article: BusinessDesk

BREAKING: Court overturns Crafar farms sale decision

Feb. 15 (BusinessDesk) - The decision allowing sale of the Crafar dairy farms to Chinese investor Shanghai Pengxin has been set aside, with the High Court directing Ministers to reconsider the application.

Judge Forrest Miller found that the Overseas Investment Office's recommendation to allow the purchase to occur "materially overstated" the economic benefit of the transaction to the New Zealand economy.

That was because any new purchaser of the farms would be expected to return them from their current "unsatisfactory" state "to bring their production up to its potential."

mtc

(BusinessDesk)

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