Source: Burton Blog

Burton Blog Crafar Farms and the Overseas Investment Office - here we go again?

It seems that Shanghai Pengxin's application to buy the Crafar farms may be heading all the way to the Supreme Court. Two of the trusts within the consortium orginally led by Michael Fay are reported to have recently filed a further challenge with the Supreme Court funded by an undisclosed financial backer. The Ngati Rereahu trusts lodging the appeal wished to purchase two of of the 16 Crafar farms sold to Shanghai Pengxin.It is understood that the OIO's ruling is being challenged on the grounds that the lower Courts erred in finding that Shanghai Pengxin had the necessary business acumen.

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