Third arrest in Crafar saga

Athird person has been arrested in relation to Chinese company Natural Dairy (NZ) Holdings’ failed bid to buy the Crafar farms in 2010. New Zealand resident Eric Yee, a Singapore national also known as Yee Wenjye, has been charged in Hong Kong by the Independent Commission Against Corruption with one count of conspiracy to defraud.

He is accused of trying to defraud Natural Dairy, fronted by May Wang, by claiming that the farms made a profit of $18.5 million in the year to May 2009 when they allegedly made a loss of around $30m.

Wang, now bankrupt, appeared in court in Hong Kong on corruption charges. She faces two counts of dealing with property believed to represent proceeds of a crime and one count of conspiracy to offer advantages to an agent.

Her former business partner Jack Chen, now known as Chen Keen, faces the same charges. Both cases were adjourned to April 18.

An investigation by the Serious Fraud Office helped Hong Kong’s Independent Commission on Corruption to bring about the charges.

‘‘The further charge reinforces our initial view as to the best options for law enforcement,’’ Serious Fraud Office chief executive Adam Feeley said.

‘‘We concur with the additional action being taken by ICAC and believe that our law enforcement efforts can be most effectively applied to supporting the ICAC case through the evidence of SFO forensic accountants involved with the investigation,’’ he said.