May Wang sentenced to eight years prison for Crafar farm bid fraud
The businesswoman behind the failed bid for Crafar farms has been sentenced to prison.
May Hao, formerly known as May Wang, 53, and two former senior executives of a listed company behind the bid, were found guilty of fraud at the end of April over the acquisition of the 22 North Island dairy farms.
About 16 of the farms were bought in 2012 by China's Shanghai Pengxin for a reported $200 million.
The trio were found guilty of two counts of conspiracy to defraud.
According to Hong Kong's Independent Commission against Corruption, Hao received a jail sentence of eight years and three months.
Her co-accused Wenjye Yee received five years in jail while the other co-accused, Keen Chen, received seven years and nine months' jail. Chen was also convicted of one count of dealing with property known or reasonably believed to represent proceeds of an indictable offence.
All three were disqualified from being in the management of a company for 10 years.
In sentencing, the judge said Chen and Hao were "masterminds and prime movers" of the fraud and this had a "grave impact on the general public and the stock market".