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Mainzeal faced major China forex risk, court hears

Directors of failed property company Mainzeal, including former Prime Minister Dame Jenny Shipley and former Brierley Investments boss Sir Paul Collins, should have known there was a high risk they wouldn’t receive millions of dollars from China that they needed to remain solvent, the High Court heard this week.

The money had been lent to Chinese sister company MLG Trading, but foreign exchange regulations made getting money out of China complex and uncertain, a witness said.

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