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
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...

More Property

Analysts eye upside in property sector as values stabilise
Property

Analysts eye upside in property sector as values stabilise

On average, listed property companies are trading at a 22% discount to NTA.

Gregor Thompson 04 Jun 2025
Private building consent body offers competition
Property

Private building consent body offers competition

The country's first independent consenting authority is targeting group builders.

Maria Slade 04 Jun 2025
Stuff/TradeMe go head to head with NZME
Property

Stuff/TradeMe go head to head with NZME

The marriage of online advertising portals with news producers continues.

Pattrick Smellie 03 Jun 2025
Argosy signals succession plan
Property

Argosy signals succession plan

Argosy Property has signalled its management and governance succession plan.The listed property company told the market on Tuesday that directors Chris Gudgeon and Mike Pohio will not stand for re-election at the coming annual general meeting (AGM) in July. The firm also said tha...

Gregor Thompson 03 Jun 2025