Pleading poverty, Jay Peng claims he cannot stump up the nearly $750,000 owed for two sections on a Manukau Harbour subdivision at Clarks Beach in Auckland. He was ordered to provide evidence of his financial position with the possibility his $2.5 million Mt Eden property will be sequestered as security.
Mr Peng, also known as Yaowei Peng, agreed to buy the two lots from Daniel Nakhle’s Knight Investments Ltd in 2021, then defaulted.
Rather than putting the properties back on the market, Knight Investments got a court order forcing Mr Peng to complete his purchases. Stalling for time, Mr Peng’s efforts to on-sell the two properties were unsuccessful.
A stand-off followed.
To force the issue, Knight Investments applied for a sequestration order over a property in Woodford Road, Mt Eden, owned by Mr Peng.
Sequestration orders serve as punishment for refusing to comply with court orders. They remove an owner’s control over sequestered property. Sequestration orders are granted only as a last resort.
The High Court was told Knight Investments suspects Mr Peng can pay. He has been unwilling to fully disclose his financial position.
Justice Gardiner ruled there are legitimate questions about Mr Peng’s financial position: his interest in a family trust; what had happened to substantial dividend income received from one of his companies in 2022; and valuation of his shareholdings in the eighteen companies where he is listed as a director and/or shareholder.
Mr Peng was ordered to file in court, within three weeks, detailed accounting information for the 2023 and 2024 financial years.
Knight Investments Ltd v. Peng – High Court (27.03.25)
25.093