The High Court will rule on whether UBNZ Assets Holdings requires Overseas Investment Office approval to buy 16 farms from the receivers of Crafar Farms.

The OIO said it gave evidence to the court last week supporting its contention that businesswoman May Wang’s UBNZ  required  its consent to buy the farms from KordaMentha .

UBNZ plans to two-pronged transaction if successful – first acquiring the farms and then allowing 20% owner Natural Dairy (NZ) Holdings Ltd. To buy the rest of UBNZ. That step still requires approval from the OIO, Natural Dairy said in a statement to the Hong Kong stock exchange this week.

“While court proceedings were not brought against the OIO, we participated as regulator of the Overseas Investment Act,” said manager Annelies McClure. “The OIO considers that consent may be required.”

The High Court has reserved its decision but could make its ruling by Friday.