May Wang breaks down in court

May Wang Photo/ Natalie Slade

UBNZ director May Wang broke down in court today after being repeatedly questioned by both the Crown and her own lawyer about the state of her domestic and international assets.

UBNZ, together with Hong Kong-listed company Natural Dairy, has proposed to buy about 20 Crafar farms around the central and lower North Island.

Yesterday, Wang said if she was bankrupted the deal would not go through.

Today, she repeatedly denied allegations from Inland Revenue that money put forward for a creditors' proposal, that would avert her from bankruptcy, was actually her own money held overseas.

Wang took the stand again today to defend her 6.5c in the dollar creditors' proposal she is hoping will be accepted.

Inland Revenue is owed $1.3 million and is trying to bankrupt her over the debt.

Wang has been advanced $500,000 from UBNZ, $200,000 for each year for the next three. The remaining $100,000 will be used to live off, she said.

Another $850,000 has come from "friends and associates" in China, including Hong Kong.

Wang would not disclose who these "friends and associates" were, saying that if she did disclose their names, they would pull the funds and UBNZ and Natural Dairy's bid to buy the farms would be off the table.

Other conditions of the loan is that it is repaid within five years at an interest rate of 5 per cent per annum.

Wang's voice broke and she started crying when her lawyer Paul Sills asked her how many assets she had.

Wang replied that she had nothing, and was living off the gratuity of friends and the fees UBNZ paid her as a trustee of the company.

Sills asked; "Are you confident you have declared to your creditors and to the court all your assets."

Wang said "Yes. I have no assets at all right now".

She said she woke at 4am every day in a bid to rebuild her life after the commercial failure of her property development company Dynasty.

The case continues.