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CRAFER FARMS SALE , receivership, Banks, Chinese offer



If the Crafer farms all 16 were not sold to CHINA. It would have been the start to the end of FREE trade with many high country stations on the market for sale but could be the start to buyiung up other Dairy Farms in NZ. Make any overseas conern lease the land and let it stay in Kiwi hands--







Landcorp the state owned enterprise will bid to buy the 16 farms at market valuation & the Chinese bidder UBNZ and Wang are believed to have offered a price above the market value. Allan and Frank Crafar had numerous farms and companies Plateau Farms Ltd, Hillside Farms Ltd, Tararua Farms Ltd, and Ferryview Farms Ltd - which owned the bulk of the Crafar interests. They couldn't manage them properly with convictions from starving their animals to not having proper affluent in both islands but their main downfall came from their inability to service their loans. The farms were fined $20,000 for allowing effluent to flow straight into waterways in Southland & they had too big an operation to effectively control and believe me dairy farming so many operations without software is a hugh undertaking. The largest ever fine for a single dairy effluent discharge, $37,500 fine was imposed in the Environment Court at Napier on Crafar Group's Taharua Farm, 40km southeast of Taupo. The property, like the others is part of the Crafer Group, owned by Reporoa brothers Alan and Frank Crafer, was one of NZ 's most profitable, producing 1.1 million kilograms of milk solids a year. In one case however which the media seems to overlook was the fact one of the dairy managers had broken both legs? Although it seems they did have adequate effluent systems there were all sorts of reasons why they had problems but once again we have the Banks who made their minds up to foreclose on them and get receivers in to sell as below true value.

Basically they went too big too quickly and not automating their business empire with Oracle software!! After borrowing around $200m NZ from Westpac etc they bought one farm after another using one to pay the next but in 2009 the Fonterra payout hit a bombshell and dipped by $2 to $4.55c which in effect spelt disaster for them. If you read our other stories on Banks (we despise them and call them LOAN SHARKS ) you will see how little they care about who they give credit cards & loans too ( their ability to repay? & warnings to borrowers?) and when its time to rein in they will do so immediately. The Property Law act section 176 requires the bank to sell at the best possible price but sometimes this is not the norm?? OUR BORROWING FORMULA:[ HERES AN EASY WAY ] Banks do not allow time to sort problems out as the Banks may have been caught up with (FRB- Fractional reserves) not having enough cash flow so recalled the loans. Lending such a large amount of money & the fun times ending Westpac no doubt decided it was time to rein in but again with the media hounding Crafer bet your life the Government put its 2 @ 6 in as well!!

Thus sometimes Banks sell at an undervalued cost just to recover debts & pressure from Head Office on loans. If the bank is experiencing a financial crisis, and net redemption demands are unusually large over a period of time, the bank will run low on cash reserves and will be forced to raise additional funds to avoid running out of reserves and defaulting on its obligations. Head Office will direct to recall loans?

And no help from the greedy realties who are only too eager to get their commission with hyped up advertising & lower return than a proper valuation and never think a Bank valuation is concrete as sometimes the valuers look at the picture of the house & value it from their highrise office?? Reators will even sell at under inflated prices just to sell. Banks in NZ have foreclosed on many people who can with time refinance yet are never given this option sometimes but like any loan you need to work out a formula & backup if the inevitable happens and you cannot service your loan. As 90% of borrowers never read the fine print as they are ecstatic to get the loan thru you can fall in the trap. On the other coin however a lot of farms were bought at hyped up over values, Banks lent indiscriminately & came under (FRB- Fractional reserves) & were and now are crumbling so theres another side of this. With Crafers however they had approx $13 million penalty just for interest (16%) bill is on top of the Receivers $15 million bill! and as they were paying interest and not the principal on the $200m borrowed there costs would be well over this mark.


Agriculture Minister David Carter has said "no show of that purchase ever taking place" & was repremanded by Keys BUT THEN WILL THE RECEIVERS TAKE THE HIGHEST BIDDER TO GET A BIGGER SLICE OF THE PIE.

Receivers are Michael Stiassney and Brendon Gibson of KordaMentha ----The Reporoa-based Crafar family, grew its original property to 22 farms with 200 staff, 20,000 milking cows, 10,000 other stock an incredible feat for any dairy enterprise and an estimated $200 million of debt to Westpac, Rabobank, and PGG Wrightson Finance.



May Wang, the front person for a group of Chinese investors seeking to buy $1.5 billion of New Zealand dairy farms, withdraw an application to suspend her bankruptcy order & she was made bankrupt on the December 8 2010 after the collapse of her hotel and property business owing creditors $22 million. The Court refused to allow her to repay creditors owed $22.26 million just 6c in the dollar. 3 criminal charges against Ms Wang - failing to keep proper books and records; failing to provide information to the liquidator and leaving the country without advising the liquidator - by the Ministry of Economic Development is set for June 1 next year in Auckland District Court.



Helen Clark's under Labour & even National voted for and allowed the "free" trade agreement with China basicvally giving them the opportunity to buy up NZ dairy farms. If allowed they will control everything and take everything out of NZ but lets hope they are not allowed to bring in more Chinese cheap labour & offer kiwis the jobs. Then we have that idiot MP John Carter with his delegation of civil servants who offered China our dairy technology again & like the kiwi fruit China will overwhelm us and take control. John Keys has just completed a visit in July 2010 so lets wait and see. Since we cannot stop the sale whats in it for us?

On the good side if the Chinese do buy into our farms they must abide by the WTO rules as well as FTA immigration and Commerce dept guidelines so they just can't bring their own staff of cheap Chinese labour to run the whole place but bet your life they will try. I guess they will be monitored but if the milk is processed here before exported then it could bring about jobs for Kiwis? if. However what we are doing is selling our lands which eventually we will succumb to the inevitable -- weight of numbers game who will dominate NZ. Rules can and will change as well and loopholes found.

PGG Wrightson is 30% owned by Agria Corp which is a Chinese company and New Zealand businesses own foreign businesses. Fonterra has dairy farms in China and Chile and NZ Farming Systems Uruguay owns farms in Uruguay.

Be like Thailand where overseas interests can buy 1 Rai 1/2 an acre in their name. If a Company buys more land they must sell it if the Company closes???--now think of this and it works in Thailand. Save our farms


There will be 990,000 Asian Kiwis by 2026 living here. The 3.4 per cent annual increase in Asian New Zealanders will outstrip the 0.4 per cent rate for Europeans, 1.3 per cent for Maori and 2.4 per cent for Pacific Islanders.


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