21 December 2018
The Overseas Investment Office (OIO) has reached a settlement agreement following its investigation into the good character of Agria Singapore and former PGG Wrightson chair Alan Lai.
Agria Singapore was, until 17 December 2018, a majority shareholder of PGG Wrightson.
The settlement agreement required Agria to sell down below its 50.2 per cent interest in PGG Wrightson, which it has now done.
The settlement also provided for penalty proceedings to be filed in the High Court. The OIO lodged these on 20 December 2018.
The OIO has been in discussions with Agria and Mr Lai in light of their settlement with the United States Securities and Exchange Commission. Both Agria and Mr Lai have co-operated with the OIO investigation.
Until the High Court has delivered its judgment, the OIO is unable to comment further.
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