Properties owned by companies controlled by Auckland property developer Teik Huat Ghee were frozen by High Court order following allegations he was hiding assets in advance of a court hearing into a $935,000 damages claim by two purchasers alleging defects in houses sold.
The court was told Mr Ghee controls some 65 separate companies. Some companies he previously controlled have gone into liquidation, insolvent. One of his companies, Walton 18 Ltd, constructed homes on Gracefield Lane in Auckland seaside suburb St Heliers. Kimiko Trust purchased one; a Mr Hsu, another. Neither were happy with their purchase. Each is suing for damages, claiming defects in construction. Mr Ghee says any defects are minor and easily remedied.
They allege Mr Ghee is stripping assets out of Walton 18 in advance of their court hearing; four properties were transferred from Walton 18 to another company: Allum Trustees No.1 Ltd. Mr Ghee controls both Walton 18 and Allum Trustees.
Justice Wylie imposed a freezing order on both companies’ assets. Construction work on building sites owned by the two companies can continue, but proceeds of any sale are frozen.
Kimiko Trust v. Walton 18 Ltd – High Court (17.08.21)
21.138