Brother takes on liquor magnate widow in High Court stoush
Court keeps trust wrangle secret in Erceg case.
Hot Topic
Hawke’s Bay
Infighting between members of this country's fourth wealthiest family continued in court today.
However, details of a trust fight between members of the Erceg family have been kept secret by the High Court at Auckland.
The family's wealth is valued at $1.6 billion on this year's NBR Rich List, the fortune amassed after the sale of Indepent Liquor – first to Pacific Equity Partners (PEP) and then to Japanese company Asahi.
The case pits the brother of the late liquor magnate Michael Erceg, Ivan, against Michael's widow Lynette and another trust. Michael Erceg founded Independent Liquor, producers of drinks including Woodstock RTDs, Ranfurly beer and Kristov vodka.
Lawyers for the two parties appeared before Justice Patricia Courtney today as Ivan Erceg applies for summary judgment and strikeout applications in the matter.
However, that is all NBR ONLINE can report at this stage as confidentiality orders have been imposed.
When secrecy was challenged by the press at the hearing, Justice Patricia Courtney said she believed there were geniunely confidential matters at stake.
The judge said a blanket ban must be imposed because it would be too timeconsuming to debate each arguably confidential point.
The late Mr Erceg and Dutch beer company executive Guus Klatte died in a helicopter crash on a flight to Queenstown in 2005.
About 80% of Independent Liquor was sold shortly after to PEP for $1.2 billion, with his widow holding on to an 11.75% stake until 2011 when the company was sold to Japanese beverage giant Asahi for $1.53 billion.
Earlier this year Justice Geoffrey Venning had presided over a fight between Lynette and Michael's mother Millie over the Acorn Trust. In his decision earlier this year, the judge refused to make Millie a beneficiary of the Acorn Foundation Trust but allowed her to inspect the trust deed.
Victoria Young
Fri, 05 Dec 2014
Fri, 05 Dec 2014
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Brother takes on liquor magnate widow in High Court stoush
43712