New Zealand’s Serious Fraud Office (SFO) has begun an investigation into transactions involving Natural Dairy (NZ) Holdings, UBNZ Assets Holdings and UBNZ Funds Management.

The investigations surround the sale of the collapsed Crafar Farms portfolio, including 16 farms valued at NZ$206.9m (US$154.6m), which receiver KordaMentha agreed to sell to UBNZ Funds Management, conditional on clearance from New Zealand’s Overseas Investment Office (OIO).

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The OIO has passed information to the SFO that has led to the probe. “Until the SFO investigation is concluded, the Overseas Investment Office will be unable to provide a recommendation to the relevant Ministers on whether consent should be granted to the applications by Natural Dairy (NZ) Holdings Limited and UBNZ Assets Holdings Limited to purchase the Crafar Farms,” said OIO manager Annelies McClure.

UBNZ is 80%-owned by the New Zealand-based UBNZ Trustee Ltd. Natural Dairy, which is based on Hong Kong, has a 20% stake.

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