Chinese dairy farm bidder in court

May Wang

May Wang, the public face of the Chinese-led bid to buy the Crafar dairy empire, appeared in court this morning to face charges related to her failed Dynasty Group of companies.

The 41-year-old made a brief appearance in the Auckland District Court, accompanied by her public relations representative Bill Ralston, to face charges brought by the Ministry of Economic Development in relation to records of her Dynasty Group of companies, now in liquidation.

Wang, who is one of the backers of the Natural Dairy group, which is trying to buy into the New Zealand dairy sector, was remanded on bail to reappear on June 14 for a status hearing.

The charges include that between August 31, 2005 and May 29, 2008, she failed to keep adequate accounting records as the director of the Dynasty Group, and on or about October 10, 2008 she failed to supply the liquidator with information about the business accounts of the company and assist with the liquidation to the best of her ability.

Wang also faces a third charge that on or about October 10, 2008 she left New Zealand with the intention of avoiding an examination into the affairs of the company.

Speaking to media outside court Wang said: "it's a shame it's come to this point, but I'm quite sure it will be resolved."

She said she would not say more about the case while it was before the courts.

The Dynasty Group of companies collapsed two years ago owing money to about seven banks and finance companies related to property development projects undertaken by her and then business partner, Rob Reece.

Wang earlier said she was working on a proposal to repay creditors and was confident that charges against her would soon be resolved.

"I do not believe my previous business difficulties should be used against a project that will only bring benefits to this country," she said.

Natural Dairy is attempting to buy the Crafar dairy empire, subject to the company raising $1.5 billion and meeting Overseas Investment Office approval.

The company is currently working on a business case for the OIO, after the office asked for more information about its proposed New Zealand acquisitions.