Mohammed and Shamina Saqiq were bankrupted following failure to pay a $286,000 deposit on an Auckland house purchase. The High Court dismissed as unconvincing their claim of being able to pay soon, having millions held in an offshore bank account awaiting clearance through a newly developed ‘quantum financial system.’
Mr Sadiq told the High Court he has for the last twelve years been working on projects to repatriate historical objects. He said some sixty projects are currently underway. He produced documents on the letterhead of a ‘United States Historical Program’ indicating he was owed money for his services.
Confidentiality requirements prevented him from providing details, Mr Sadiq said.
He provided bank statements to the court, supposedly from an off-shore bank account he controlled, recording a current balance of USD one billion.
Mr Sadiq said he was awaiting payment to be actioned through a ‘denominated quantum financial system.’
Bankrupting both Mr and Mrs Sadiq on the unpaid debt, Associate Judge Brittain said the two can later apply for annulment of their respective bankruptcies should the expected payments arrive and all debts be cleared.
Annulment is retrospective; the debtor is treated as never being bankrupt.
Lister v. Sadiq – High Court (18.08.25)
25.179