Friday, 03 February 2012 10:07

Crafar Farms sale drags on

Written by Pamela Tipa

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The purchaser of Crafar Farms has been given another extension to go unconditional on the sale.

Shanghai Pengxin Group, which received OIO approval last week, now has until Tuesday to finalise the deal with receivers KordaMentha. The receivers had set an initial deadline of January 31 and had then extended it by two days to February 2.

In a statement KordaMentha says the further extension is necessary as Shanghai Pengxin to "continues to finalise its OIO consent conditions."

A local consortium which made an unsuccessful bid for Crafar Farms is challenging in court the Government's decision to approve a Chinese buyer.

The Crafar Farms Purchase Group says the sale of Crafar Farms to Shanghai Pengxin "is wrong in law".

The court action filed last Tuesday is being heard today in the High Court at Wellington.

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