PHOTO: Kenyon and Charlotte Clarke. M2WOMAN
The High Court has placed Auckland property investor and developer Du Val Group into interim receivership. This decision affects Du Val Capital Partners and several other entities within the Group, following a request from the Financial Markets Authority (FMA).
Interim receivership orders have also been issued against directors Kenyon and Charlotte Clarke, along with asset preservation orders as requested by the FMA. The FMA is currently investigating Du Val Group but has declined further comment. It noted that around 120 investors were involved in Du Val entities, which were marketed as wholesale investments.
John Fisk, Stephen White, and Lara Bennett of PwC have been appointed as interim receivers. They are required to provide an interim report to the court within 10 working days or within a period specified by the court.
Last year, the FMA issued a formal warning to Du Val Capital Partners, the investment arm of Du Val, for potentially misleading investors. Information provided to investors in December 2022 about Du Val’s plan to restructure the mortgage fund was deemed misleading by the FMA.
SOURCE: RNZ