Hearing its customer Jinwon Lee had returned to Korea after a fire sale of business assets, ANZ Bank got a freezing order over his Auckland home and further court orders that other financial institutions disclose any financial dealings they had with Lee, otherwise known as James Lee.
The High Court was told Mr Lee had guaranteed finance provided to his import businesses, Hanyang Corporation Ltd and Hanyang International Ltd. These businesses imported food products from Korea for retail sale in New Zealand. He disappeared off the bank’s radar after ANZ called up its loans. The Bank discovered his warehouse and retail store were left scattered with debris after a quick-fire discount sale of stock held. A container of food with an invoice value of US$60,000 had been left abandoned at Port of Auckland. His landlord had seized remaining business chattels to cover unpaid rent. His home at Sartors Avenue at Browns Bay on Auckland’s North Shore was listed for sale.
Fearing sale proceeds from Sartors Avenue would be transferred out of New Zealand, ANZ Bank got a High Court order freezing any proceeds of sale. The Bank also got disclosure orders against CFML Lending, Kookman Bank, Heartland Bank and Westpac requiring disclosure of their recent dealings with Mr Lee. ANZ said this might identify other assets Mr Lee may have in New Zealand.
ANZ Bank v. Lee – High Court (9.11.22)
23.002