In the latest twist in a long-running legal saga over a Pakiri Beach development site, the Court of Appeal has ruled Rodney District Council can keep a $1.6 million cash bond that the developers wanted back.
Monday, July 4th 2005, 7:36AM
by The Landlord
The court ruled the council could keep the money despite persistent attempts by developers Kim Spencer and his associate, Richard Kroon, to have it replaced by a trading bank guarantee.
Kroon developed the award-winning Chancery boutique shopping centre in Auckland's CBD and Spencer is the developer who was kidnapped and assaulted on November 16 while showing the Pakiri land to a potential buyer.
The Spencer and Kroon companies involved in the case are Fisherton and Anzani Pakiri.
The Court of Appeal decision is a second blow for Spencer and Kroon after Westpac and Auckland Finance last month put Fisherton and Anzani Pakiri into receivership for not paying debts.
