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​Agria, Alan Lai receive $151,000 in fines after failing New Zealand's 'good-character' test

( March 22, 2019, 00:47 GMT | Official Statement) -- MLex Summary: Singapore's Agria has been hit with penalties totaling NZ$220,000 ($151,000) after a New Zealand court found that the global agricultural-investment company had failed the country’s “good character” requirements relating to its investment in PGG Wrightson, a local business. According to a statement released today by the New Zealand Overseas Investment Office, a judge of the New Zealand High Court imposed a fine of NZ$100,000 on Agria and $120,000 in penalties on Alan Lai, the Hong Kong-based chairman of Agria who, in 2018, was the chairman of PGG Wrightson. The court’s good-character assessment followed an investigation by the US Securities and Exchange Commission, which culminated with Agria agreeing to pay $3 million to settle charges of concealing substantial losses from investors through fraudulent accounting.The full New Zealand Overseas Investment Office statement follows: ...

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