Citic case concludes

A legal battle between Fletcher Challenge Forests and the Chinese Government's investment company Citic has finished in the High Court at Auckland.

The case relates to the ownership of a $200 million damages claim taken against Fletcher by Citic, which claims Fletcher mismanaged the pair's jointly owned forest estate.

Because the Central North Island Forest Partnership is in receivership, Fletcher is arguing the damages claim is now owned by the official receiver, who is trying to sell the forests the partnership owned.

Bids for the asset, estimated to be worth at least $1 billion, are thought to be due by early next month. Citic and Fletcher are among the small group of companies bidding.

After four days of legal argument, Justice Judith Potter reserved her decision, to be delivered next year.