Charges against farms woman

The woman fronting the proposed large-scale Chinese investment in New Zealand dairy farms is facing several charges under the Companies Act.

Controversial property developer May Wang was not in yesterday when the Herald on Sunday visited her palatial St Heliers home, which is valued at more than $5m.

But it has emerged that the woman already revealed as having been investigated by the Serious Fraud Office in 2008 is now being probed by Inland Revenue and is due in court next month.

Wang was charged in March 2009 over failing to comply with the liquidation of the company Dynasty Group Ltd, not keeping accurate accounts and leaving the country to avoid examination of the company's affairs, said Phil Day, of the Ministry of Economic Development National Enforcement Unit.

The Herald on Sunday has learned that Inland Revenue has been probing her tax details and business affairs for a few years.

Wang, who has New Zealand citizenship, is fronting a bid to buy the Crafar farms that went into receivership last year.

Chen Fashu, one of China's richest men, is backing the bid.

Wang left New Zealand in October 2008 immediately after Dynasty Group, of which she had resigned as a director in May of the same year but remained a shareholder in, was liquidated.

Wang owes creditors hundreds of thousands of dollars and has told New Zealand Farmers Weekly she is paying them from her own funds.

- ADDITIONAL REPORTING: DAVID FISHER