By Christine Nikiel
Friday 12th April 2002 |
Text too small? |
![]() |
Susila Investment Ltd, believed to be a family company with diverse international investments, defaulted on its $3.5 million loan for 11 apartments including Penthouse 3402, forcing Harts to sell.
Susila has no New Zealand office at which to serve a Property Law Act notice, so earlier this year Harts applied to the High Court for an "order of substituted service." This was effectively a recognition by the court that notice had been served.
Harts was bought by listed financial services company Dorchester Pacific Finance in November last year as part of a package negotiated with Harts' receivers.
Dorchester Pacific had no liability to Harts' investors and was just helping investors recover their capital on a best endeavours basis, chief executive Brent King said.
The advertisements had received a promising response so far but it was too early to ascertain what kind of price the apartments would get at auction, Mr King said.
The Indonesian company had not given any reason for its failure to pay, he said.
The Metropolis has 345 serviced apartments and 21 penthouse apartments on the top four levels. Four penthouse apartments were sold last week.
No comments yet
Commerce Commission to issue SOI re Viridian application
FBU - Moody's affirms FBU Baa3/stable rating
Contact Energy FY25 Financial Results Presentation
NZX Chief Executive Mark Peterson to depart in April 2026
BRW - Expansion of Napier Production in Post-Cyclone Rebuild
July 24th Morning Report
Air New Zealand 2025 Annual Results Webcast Details
FPH provides Investor Event presentation
Tower to discontinue multi-policy discounts
July 23rd Morning Report