Half-million dollar bill for firm in SFO probe

ROB STOCK
Last updated 08:12 21/05/2012

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The liquidator of the failed property company run by Glenn William Cooper, whose deals have prompted complaints to the Serious Fraud Office, says the company owes the Inland Revenue over half a million dollars.

Liquidator Robert Walker reported that the IRD had lodged a proof of debt against Holiday Homeshare Limited that amounted to $515,621 at the end of February this year, including $363,049 of shortfall penalties, late-payment penalties and interest.

Holiday Homeshare was one of a group of companies controlled by Cooper, who operated as a property trader, with entities associated with him buying properties and then on-selling them for much higher prices to investors including cancer- stricken rugby player Kurtis Haiu.

In some cases investors mortgaged their homes with Westpac and Bank of New Zealand in order to buy properties, many of them in a motel on the shore of Lake Taupo, which are now worth far less than they paid for them. Some may even lose their homes as a result of the deals they did with Cooper.

The liquidator's report cites the case of one - a couple in Australia - who bought a unit at the motel for $440,000 from Holiday Homeshare, which had bought it from listed finance company Dorchester for $245,000. Dorchester had been left with the units after a loan it had made went bad.

These deals prompted complaints to the Serious Fraud Office, which this past week told Sunday Star-Times: "The Cooper file continues to be an ongoing investigation. We are well advanced."

Sunday Star-Times attempted to contact Cooper last week, but failed. In previous conversations he has maintained that he did the deals in good faith and that he is sorry for investors' current positions. He maintains that he did nothing to justify the SFO's investigation.

Walker said in his report, which is listed on the Companies Register, that: "The GST affairs of HHL are hopelessly confused."

He said that discussions with the IRD over Holiday Homeshare were continuing, adding that his investigations into Holiday Homeshare raised questions about its solvency before he was appointed.

A number of other companies on which Cooper is a director or with which he is associated are also in the hands of liquidators and liquidators reports indicate losses for the IRD and other creditors, including Westpac and Bank of New Zealand. These companies include 300 Lake Terrace Limited, Genesis Homes Limited, Glenn Cooper Limited, and KAW Holdings Limited.

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- Sunday Star Times

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