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Article: Land sale mystery in farms collapse
- Article from:
- Sunday Star-Times
- Article date:
- October 11, 2009
- Author:
CopyrightCopyright 2009 Sunday Star-Times. Provided by ProQuest LLC. (Hide copyright information)
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THE OWNERS of Crafar Farms signed a deal to sell most of the
massive North Island property to a controversial Chinese
businesswoman just three months before its operations were placed in
receivership.
Last week four companies owned by the family interests of
brothers Allan and Frank Crafar were put into receivership by a
banking consortium led by Westpac Bank, which, along with PGG
Wrightson Finance and some other minor creditors, is believed to be
owed around $230 million.
Between them the four companies - Hillside Ltd, Taharua Ltd,
Ferry View Farms Ltd and Plateau Farms Ltd - own about 7800ha in the
central North Island, most of which is used for dairying.
It is the largest family-owned ...