Court Report: Most legalistic forex trader frozen
Hamish McNicol discusses the latest court stories on NBR Radio and on demand on MyNBR Radio.
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A beauty company’s $1.7 million stink, a $30 million grocery story, and the freezing of the “most legalistic” foreign exchange company’s assets feature in this week’s Court Report.
Hamish McNicol last week detailed a case involving a beauty products company, which was recently bought into by NBR Rich Lister Rod Duke, and its fallout with an Australian business partner after nearly 20 years.
But Mr McNicol says the company, BDM Grange, is planning an appeal of the decision, which also awarded $150,000 in damages for comments managing director Andrew Berryman made about Trimex.
On Wednesday, details of a relationship dispute involving who is entitled to what from a $30 million grocery store empire emerged in a minute from Justice Patricia Courtney.
Mr McNicol says the former partners, Tony Jun Huang and his Cho Hui “May” Chung, are at odds as to who contributed what to the significant growth of the Silver Bell store in Avondale, Auckland.
Finally, the New Zealand-linked foreign exchange company, Maxim Trader, which was described by its Kiwi in-house legal counsel as the ‘most legalistic’ he’d seen, has had its assets frozen by Hong Kong authorities.
Its “in-house legal counsel” is a New Zealander called Wilfred Royce “Rocky” Lane, who as well as being a world record holder, headshot survivor and professional pool champion, is also a bankrupt, former law student, based in Macau.
In September, Mr Lane told NBR the allegations Maxim Trader is a pyramid scheme are the result of a “media frenzy” caused by “jealous” competitors.
But on Wednesday, Hong Kong’s Securities and Futures Commission announced it had frozen all of the company’s Hong Kong assets, worth $HK23.5 million ($4.5 million).
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NBR Radio
Thu, 12 Nov 2015
Thu, 12 Nov 2015
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Court Report: Most legalistic forex trader frozen
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