NZ court satisfied Shanghai Pengxin has business nous to buy Crafar farms, rejects appeal

Tue, 07 Aug 2012

By Paul McBeth Aug. 8 (BusinessDesk) - The Court of Appeal has turned down a bid by merchant banker Michael Fay and two Maori trusts to stop the sale of 16 Central North Island farms, saying it was satisfied with the general business acumen and experience of the Chinese buyer. Judges Mark O'Regan, Terence Arnold and Douglas White dismissed the judicial review, saying Jiang Zhaobai's ability to bring himself from humble beginnings to become "a person of some stature in the Chinese commercial world," would satisfy the minister making the decis...

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