Auckland-based businessman Jack Chen yesterday confirmed he was the leading figure behind Hong Kong listed Natural Dairy NZ's plans to establish a $1.5 billion milk production and processing business in this country.
Responding to emailed questions Chen said he was "the driving force" behind the Natural Dairy NZ project.
Chen
arrived in New Zealand in 2002 and is now a permanent resident. He is applying for citizenship.
The idea for the dairy business, he said, was hatched by his business partner May Wang but its execution had largely been his work.
Chen, who has an investment banking business in Hong Kong, said he had identified Cayman Islands-registered China Jin Hui Mining Company which was "ripe for a takeover" and was a suitable vehicle for the dairy project.
After he bought in to the company and became a director in June last year its name was changed to Natural Dairy NZ and Chen went into negotiations with Wang "over the farms deal".
Via its 20 per cent owned New Zealand associated company UBNZ Assets, Natural Dairy NZ has already purchased four dairy farms and is seeking to buy 20 more from the receivers of the failed Crafar farming empire. The farm purchases are being assessed by the Overseas Investment Office.
Chen said he had sold his existing "global foods business" which included "three production lines, brand names and a distribution channel" into Natural Dairy, giving it distribution channels into 24 Chinese cities.
He said his family had always been involved in the food industry and he also owned a Chinese rice wine business.
Chen confirmed he was banned by the Hong Kong Stock Exchange from directorships from 2004 to 2006 after a company he chaired failed to disclose a $2 million interest payment in a set of accounts he was alleged to have signed off on. He disputes this and says the ban was "a highly political decision".
This year Chen registered NDNZ Media, owner of the Auckland Chinese language newspaper United Chinese Press.
