Latest news with #DuVal
RNZ News
17-06-2025
- Business
- RNZ News
Du Val directors Kenyon and Charlotte Clarke want assets unfrozen and passports back
Du Val director Kenyon Clarke. Photo: The Financial Markets Authority has hit back at claims by Du Val directors that it is to blame for the "train wreck" collapse of the property group. Lawyers for the authority and for Du Val's directors Kenyon and Charlotte Clarke have been in the High Court at Auckland this week, arguing about whether receivership should continue for the couple and the handful of Du Val companies not in statutory management. The Clarkes want to be out of receivership, their assets unfrozen and their passports returned from the control of the High Court. Their lawyer Ron Mansfield said receivership orders were "excessively broad" and oppressive and should end. The FMA had had months to investigate but had not come up with any solid evidence - and the Clarkes claim it was the FMA action that cause the train wreck, he said. However, FMA lawyer Jenny Cooper said that claim could not go unanswered. "It is assertion without substance," she said. The FMA had good grounds to step in and to keep investigating because the investigation was a complex one that would take time, she said. The Clarkes could speed it up by being more open with receivers and investigators, she said. A court directive to force the Clarkes to be interviewed by receivers under oath about their assets was currently being heard by the Court of Appeal. Cooper noted the very complex and large company structure of about 70 entities. "The Clarkes are not people who have straightforward accounting arrangements," she said. The receivership and associated orders were still needed because there was an ongoing investigation into the group, Cooper said The FMA presented evidence about why that should continue but much of it was suppressed so it would not prejudice any civil or criminal action that could follow. Justice Jane Anderson also noted the FMA was still in an investigation phase and the Clarkes had not had a chance to respond - and were not in a position to because of a lack of information. The FMA did not have to prove any wrongdoing at this hearing, just that there was enough evidence to show more investigation was needed and the receivership should stay. Most of the arguments about why the Clarkes should or should not get their passports back were also suppressed. Justice Anderson had initially allowed the argument to be reported, but Mansfield was seeking leave to appeal. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
15-06-2025
- Business
- RNZ News
Du Val property group collapse goes to the High Court
Du Val founder Kenyon Clarke and his wife Charlotte are in personal receivership and have refused to be interviewed by receivers. Photo: The collapsed Du Val property group is in the High Court today in a bid to fight the moves that ultimately led to it being put in statutory management. The group of about 70 entities owed about $300 million [ at last count. Founders Kenyon and Charlotte Clarke were in personal receivership. Du Val was put into statutory management in August - a move that could only be made by the government - at the recommendation of the Financial Markets Authority. It came after the group was initially put into receivership and the receivers PWC raised concerns about irregular accounting, the valuations of assets and about the companies paying for some of the Clarkes' personal expenses. The government said at the time that the scale and complexity of the situation meant statutory management was needed to prevent future harm. Kenyon Clarke has said the FMA and PWC have made the financial situation worse. He maintained that Du Val would have been able to deliver a return to its investors and contractors if the FMA had not stepped in. That was despite several creditors telling RNZ their bills stopped being paid, or were paid irregularly, in the run-up. The couple's lawyer Ron Mansfield KC was set to appear on behalf of Du Val and the Clarkes at the High Court in Auckland today, in what is expected to be a three day hearing. The receivership and statutory management processes have been continuing despite the court challenge. The Clarkes remain in personal receivership and their assets have been frozen. They have refused to be interviewed by receivers and are appealing a High Court ruling that would force them to. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
13-06-2025
- Business
- RNZ News
Du Val property group heads to court to fight decision to put it into receivership
Du Val director Kenyon Clarke. Photo: Some subbies still owed money in the Du Val collapse say their companies have barely survived and they doubt they will ever see a cent. The Du Val property group is heading to court on Monday to try to fight the decision to put it into receivership and freeze the assets of founders Charlotte and Kenyon Clarke. The group of about 70 entities and the Clarkes themselves were put into receivership by the Financial Markets Authority last year, with the companies eventually put into the more serious statutory management by the government in August. At last count its debts were more than $300 million . Despite that, Kenyon Clarke maintained none of the current situation "was our making," suggesting it was Du Val that was the victim. Deccan Property Services did painting, GIB stopping and fixing, and provided general labour at a Du Val development in Mount Wellington. Its owner, Aniket Bapat, said the company was owed about $230,000 - a debt that nearly wiped his company out. "We've... been just hanging by a thin strand of hair, not even thread," he said. His was one of about 75 companies listed by statutory managers, PWC, as being owed money by Du Val Construction, otherwise known as Blue River Holdings, a residential building arm of the property group. Many were family businesses. Bapat said his company had to use profits from all their other jobs to pay their own staff and bills from the Du Val job, and they had to use a loan and overdraft to help, he said. Most of the next year's profits had gone into paying off the loan and they were still struggling, he said. "Even now if we don't see enough jobs coming, we are paranoid... we are literally just keeping the tip of our nose above water," he said. As the company began to recover, it had put in more safeguards, and Bapat has had therapy to help with the mental health impact. "It was bloody stressful," he said. Like the other creditors, he will have to wait for the outcome of the statutory management process to see if he gets paid, but has had to move on. Lisa Moroni owns Precision Cleaning Services and said she was owed about $80,000. "It was very hard because... we are a small to medium business and we run pay cheque to pay cheque and that was a massive project for us," she said. Most of the outstanding amount was from a big, final clean of one of the developments after construction was complete, she said. "It's a lot of work done in two or three months and when you don't get paid it does affect the business a lot," she said. They had to lay off staff and move out of their downtown office to cut costs," she said. An owner of a large concrete cutting and drilling firm who did not want to be named said they were owed about $17,000. Though it was not as big as some others' debts, it had still been stressful, she said. She went to Du Val to try to get some money back to no avail. "We drill a hole through a wall... so if we don't get paid there is nothing that we can go retrieve, like our consumables or materials," she said. "We laugh that we should maybe go and fill the hole back up." Bapat said he regretted giving Du Val the benefit of the doubt that money was coming - and had learned a hard lesson to be less trusting. RNZ spoke to several more Du Val Construction creditors who did not want to be interviewed but expressed similar sentiments. They said they did not expect to get any money back but they wanted more information from PWC about what was happening in the process. A handful of other creditors said they had been paid in full and did not have a problem. One felt if Du Val had been allowed to keep operating, it could have gone on to sell its developments and everyone would have been paid. The Du Val founders remain defiant, suggesting it is the company and its investors who are the victims of heavy handedness by the Financial Markets Authority and the receivers. In a lengthy statement to RNZ, Kenyon Clarke said prior to the FMA actions there were no financial concerns that were not capable of being managed and the group was on track to deliver a return to shareholders, investors and contractors. "We can confidently say that none of this was of our making and was action taken without us being able to fight for those we have worked closely for and with," he said. "It has been a horrible and frightening thing to witness, and we understand and feel for all those impacted." It was telling that the FMA had not taken any further action in the 10 months since statutory management, he said. Clarke also hits out at the PWC saying it lacked business acumen in the development sector and had made the group's financial position worse. The company would seek compensation, he said. At the time the government put Du Val into statutory management, it said it was an option of last resort used only where there was complex corporate failure. It did so because of the complexity and scale, saying there were between 120 and 150 home buyers and commercial lenders "tangled up" in the situation, it said. Du Val creditors spoken to by RNZ maintain there were sometimes months-long delays in getting paid in the lead up to the statutory management. PWC and the FMA declined to comment on Clarke's statements. PWC said creditors who wanted more information could find it on its website, or email the team. "To most effectively and efficiently work with the large number of entities and stakeholders related to the Du Val Group, we prioritise providing updates when significant matters are resolved or analysis completed," a spokesperson said. The legal action taking place on Monday is in the civil branch of the High Court in Auckland. There are no charges against Du Val or the Clarkes. The Clarkes are challenging the Financial Market Authorities' decision to appoint receivers for both for them and Du Val last year, which culminated in the government putting Du Val into statutory management on the FMA's recommendation. PWC has been both the statutory managers and the receivers for the Clarkes' personal financial situation since then. Despite the legal challenge, the statutory management and receivership processes have been continuing. At least part of the delay to allow the Clarkes to appoint a lawyer. They now have Ron Mansfield KC. The Clarkes have also been given the right to appeal a High Court decision forcing them to be interviewed under oath by receivers, PWC. PWC wants to interview the couple about the assets in their possession - including whether they were purchased by the Clarkes themselves or by Du Val companies. So far the couple has refused and it will be up to the Court of Appeal to decide. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Axios
30-05-2025
- Politics
- Axios
Two 2025 Pulitzer winners trace roots to Fayetteville
Two winners of a prestigious prize for writers this year grew up in Fayetteville. One received Pulitzer recognition for her work on the first draft of history following the Dobbs decision, the other for a 1,000-year retrospective on Native Americans. Why it matters: Ziva Branstetter and Kathleen DuVal 's works highlight significant cultural and political issues in the U.S., bringing attention to people and events that might otherwise be lost to time. What they're saying:"Few, if any, school districts in the middle of America can lay claim to having two current Pulitzer Prize winners among their alumni," Fayetteville School District Superintendent John Mulford said in an email. "We are very proud of Dr. Duval and Ms. Branstetter, and we congratulate them on these prestigious honors." State of play: Though neither woman attended the University of Arkansas, it serves as a common denominator; both their fathers taught there and settled in Fayetteville. Branstetter, a senior investigative editor for ProPublica, worked with a team on " Life of the Mother," a series about how abortion bans have led to preventable deaths of women in Georgia and Texas. The series won for public service reporting. She graduated from Fayetteville High School (FHS) in 1982, then went to Oklahoma State University. Much of her career as an investigative reporter and editor was spent in Tulsa, Oklahoma, but she also did stints at Reveal and the Washington Post. "The reason we're doing this work is to point out to policy makers — and really the people who vote for them, the people who can apply pressure — that there are opportunities to save lives," she told Axios. Case in point:"Ziva had the vision that we should gather death records ourselves, reach out to families and ask experts to help us understand if and how abortion laws were impacting health care. ... Her passion, encouragement and support made it possible," ProPublica reporter Kavitha Surana told Axios. DuVal, a professor of history with the University of North Carolina at Chapel Hill, won the prize in history for her book " Native Nations: A Millennium in North America." It chronicles U.S. history through the lens of Indigenous nations. She graduated from FHS in 1988, then earned her bachelor's degree in history at Stanford and her Ph.D. at the University of California, Davis. Her research focuses on the influence of different cultures on early America. "I think for a long time it was important to most Americans to kind of believe that the United States had a right to the whole continent and that maybe Native Americans hadn't," she said. But in recent years, DuVal said, the public has become more interested in Native American history and that the communities "have always been here and are still really an important part of the United States." Case in point: DuVal was editor of the FHS literary magazine, named "Best High School Literary Magazine" in 1988 by the Columbia University School of Journalism, her father, John DuVal, told Axios.
NZ Herald
28-04-2025
- Business
- NZ Herald
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Five-, six- or seven-day subscribers to the Herald 's print editions, or our regional newspapers, are entitled to full digital access; go to to activate your Premium subscription. A Premium subscription helps Kiwis make sense of the fast-paced, ever-changing news cycle, from analysis of current events to in-depth investigations and absorbing features, to opinion pieces you won't find anywhere else - on any device. The best journalism from NZ and around the world Our award-winning newsroom continues to produce some of the biggest and most important stories from around Aotearoa. Six years since we started our Premium subscription model, access to journalism that you can trust has never been more crucial. We've charted the downfall of the Du Val husband-and-wife property developers and their lifestyle of flashy opulence, glamour and wealth, until the money ran out. Want to know which high-achieving high schools are close to affordable housing? We've crunched the NCEA achievement rates of 493 schools and compared them with housing costs in their areas. Nearly 300 directors sit on the boards of our biggest public companies. These are the biggest-earning players in New Zealand corporate governance. New Zealand's First XV rugby is among the most competitive in the world. From the mesmerising skills of Sacred Heart's Cohen Norrie to the towering presence of St Peter's Tevita Tatafu, these 10 players are poised to shine in the future. Kiwis are relocating to Australia in droves - hundreds of us a month are moving there. We've run the numbers, comparing New Zealand and Australian incomes, house prices, rents and expenses - and caught up with those testing their fortunes in the 'Lucky Country'. Be part of the conversation A Premium subscription also lets you have your say by commenting on selected articles and participating in live Q&As with experts on the hottest topics of the day. Premium subscribers also get access to exclusive newsletters, including our Premium News Briefing, which tells you everything you need to know for the day by the time you've made your first coffee, and our weekly Opinion newsletter, which rounds up the mood among our columnists and commenters.
