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

Deal to take daycare centres out of receivership struck
Property

Deal to take daycare centres out of receivership struck

The owner of three Peacocks daycare centres went into receivership in June.

Local window design software firm's accounts tagged
Property

Local window design software firm's accounts tagged

Known locally as Soft Tech, the Takapuna-based firm is part of the global Cyncly group.

Maria Slade 07 Aug 2025
Capital gains tax to solve house-price affordability crisis?
Finance

Capital gains tax to solve house-price affordability crisis?

ANZ's Richard Yetsenga said house-price affordability is a significant challenge. 

Staff reporters 07 Aug 2025
Gibbons Co files to subdivide old Tip Top factory site
Property

Gibbons Co files to subdivide old Tip Top factory site

Property developer Gibbons Co has applied to subdivide the former site of Wellington's Tip Top factory.On Wednesday, the Wellington City Council told BusinessDesk it was processing an application for a three-lot subdivision on the 5000sq m property at 194 Adelaide Rd in Newto...

Gregor Thompson 06 Aug 2025