After
first attempting to force out local Chinese minority investors, Shanghai
interests walked away from their New Zealand export business, Nutri-Health
Holdings. The High Court put
Nutri-Health into liquidation so an independent liquidator could investigate
the company’s operation.
The High Court was told
Eva Che set up Nutri-Health Holdings Group New Zealand Ltd in 2012 to facilitate
food exports to China. On board as
majority shareholders were interests associated with Mr Shui Xiong Lin,
chairman of Shanghai-based Vigor Industrial Developments Investments Holdings
Co Ltd. Ms Che ran New Zealand
operations, reporting back to Vigor Industrial in Shanghai. She said problems arose when Mr Yi Que came
to New Zealand in mid-2014 to represent Shanghai interests. She alleges he tried to take over the
business and force out minority shareholders by removing local directors, firing
Ms Che as an employee and launching legal action claiming directors had not
complied with their statutory duties. Ms
Che said this legal action stalled when multiple claims were brought in the
Chinese courts by the China Railway Materials Xiamen Steel Co Ltd against Mr
Lin and his companies for amounts totalling $NZ142.44 million. Ms Che said she was disturbed to later learn
Nutri-Health had been abandoned with unpaid income tax and ACC debts. The company’s bank account had been
emptied. Enquiries of the company’s tax
accountants provided no useful information.
Mr Que could not be found. He is
believed to have left New Zealand.
Justice van Bohemen put
Nutri-Health into liquidation. The
company had been abandoned by its majority shareholders, he said. It appears to have no assets, other than an
Audi Q7 retained by Ms Che. The
Chinese-based majority shareholders made no appearance at the High Court
hearing.
Che
v. Nutri-Health Holdings Group New Zealand Ltd – High Court (9.10.17)
17.132