The SFO alleges, according to court documents, that false salary payments were made as part of the applications for some of the loans.

Banks were also allegedly provided with false income and employment information.

Huang had pleaded guilty to all charged he faced, including eight for obtaining by deception, one for dishonest use of a document and one for corruptly giving consideration to an agent, the SFO confirmed.

Two sets of the charges carry a maximum prison term of seven years and Huang is due to be sentenced next month.

Huang's co-accused have pleaded not guilty and are due to go on trial - heard by a judge without a jury - in Auckland next month.

Those defending the case include Huang's wife, Yan (Jenny) Zhang.

Zhang, who is also known as Kang Xu, is facing charges for obtaining by deception.

Lawyer Gang (Richard) Chen is also facing charges for obtaining by deception.

The third defendant heading to trial is former bank worker Zongliang (Charly) Jiang.

Jiang is facing a Secret Commissions Act charge of accepting gifts and charges for obtaining by deception.