Dairy kings jailed for deception

Three executives of Natural Dairy have been sentenced to 57-93 months in jail for deceiving the Stock Exchange of Hong Kong and the listed company by concealing their interests in the acquisition of dairy farms, according to the ICAC.

In a corruption investigation, it was disclosed that the trio conspired to deceive the bourse and the listed company.

They concealed their interests in a NZ$500 million (HK$2.4 billion) acquisition of dairy farms in New Zealand and falsely represented the gross profit of the farms.

Chen Keen, 56, former executive director and joint-chairman of the now delisted Natural Dairy, and Hao May, formerly known as Wang May-yan, 61, owner and operator of UBNZ Trustee, were each sentenced to seven years and three months and seven years and nine months, respectively.

They were both disqualified from being company directors for six years and nine months.

Yee Wenjye, 52, former vice-president of Natural Dairy, received a jail term of four years and nine months.

Before its 2009 renaming, Natural Dairy was known as China Jin Hui Mining Corporation. Back then, it was listed on the main board of the SEHK, mainly involved in iron ore trading. The listing was later canceled in November 2022.