Serious Fraud Office investigates Natural Dairy and UBNZ Assets

Today the Serious Fraud Office (SFO) announced an investigation into business transactions involving Natural Dairy (NZ) Holdings Limited, UBNZ Assets Holdings Limited and UBNZ Funds Management Limited. This follows information provided by the Overseas Investment Office.

“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 Annelies McClure, Manager of the Overseas Investment Office (OIO).

The OIO will continue to co-operate with the SFO as required.

The OIO will continue its own investigation into the purchase of the four farms by UBNZ Assets Holdings Limited in February 2010.

Media queries: Brad Young, Senior Communications Advisor, ph (04) 460 0147 or 027 277 1267, email media@linz.govt.nz.