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Singaporean investors win $10 million in Supreme Court
A Supreme Court decision has ordered the return of $10 million worth of deposits paid by mainly Singaporean investors in a failed Queenstown hotel and apartment development.
The court ruled in favour of the investors on an appeal by vendors Kawarau Village Holdings Ltd and Melview (Kawarau Falls Station) Investments Ltd (in receivership).
The litigation was connected to a development by Auckland-based Nigel McKenna and his entities of a three stage complex on the edge of Lake Wakatipu. It was to include three five-star hotels, a four star plus hotel, a serviced apartment complex and conference centre.
An extract from an article published online: Business Day - stuff.co.nz