Sharechat Logo

SFO launches probe into North Shore property development

Monday 14th October 2013

Text too small?

The Serious Fraud Office has launched an investigation into a North Shore property development which has left foreign investors out of pocket after the companies went broke and the land sold to new developers.

The companies include developer Chris Cook's Albany Heights Villas Ltd and Hunter Gills Road Ltd, which are both in liquidation. The SFO is looking into allegations that investor funds weren't held in trust, and that the developers made misleading statements.

Acting chief executive Simon McArley said a number of the investors are foreigners, and that the terms of the agreements differ between investors.

"The legal structures of the investments offered are extremely complex. Our first task has been to get to the bottom of the legal implications of those agreements," McArley said in a statement. "Whether there is potential for criminal offending to be an issue will depend largely on the outcome of that analysis."

As Aug. 4, the liquidators for Albany Heights Villas had received 39 unsecured creditor claims totalling $16.9 million, according to their latest report, while Hunter Gills Road owed secured creditors $649,000 and unsecured creditors $1.9 million as at Sept. 26.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Further COVID-19 Restrictions at SkyCity’s New Zealand Properties
FY20 results guidance met, Results date, Banking Facility
Sky sells OSB assets to NEP NZ, secures 10 year partnership
NZX fully operational - announcement re COVID-19
Heartland Market Update
Steel & Tube Fy20 Trading Update
Further Contract Win Strengthens Scott Technology’s Position In Mining Sector
New Talisman - Chairman’s Address to AGM 2020 August 6, 2020
T&G reports its 2020 Interim Results
TruScreen strengthens its market presence in central and eastern Europe

IRG See IRG research reports