Property companies hit by alleged fraud sue former directors

Property companies hit by alleged fraud sue former directors

One of the properties owned by Superstore Properties in Christchurch. (Image: Google Maps)

Oliver Lewis

Wed, 03 May 2023

Three Nelson property companies with commercial assets worth more than $60 million are suing their former management company and directors for nearly $4m.The trial in the high court at Nelson, which started on Monday, comes days after the Serious Fraud Office (SFO) announced it had filed charges against Neil Barnes, the former chief executive of the management company, Investment Services Limited (ISL).The SFO charged Barnes with 51 counts of theft by a person in a special relationship and 51 counts of false accounting over allegations he fraud...

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