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After two years, four judicial decisions and numerous court hearings, property developer Andrew Krukziener and Hanover Finance have finally settled their differences.
Former Rich Lister Krukziener will not be bankrupted over the $6.98 million the court ruled he owed Hanover. In return, he will not pursue the finance company for the $86,000 he claimed it owed him on top of the $4.15 million loan at the core of the dispute.
But the amount that has finally changed hands may never be known, with Hanover saying the deal is confidential and refusing further comment.
The protracted battle stems from a loan originally made in 1998.
In 2002, Hanover - then called Elders Finance - struck a deal with Krukziener when his companies could not meet their commitments.
The financier went into a joint venture with Krukziener over properties at 13-15 and 17 Albert St in central Auckland. The plan was the finance company would get payment from a share of the profits from a development planned for 13-15 Albert St and by receiving surplus income from the next-door building. The outstanding loan, plus interest and any fees, would have to be paid if the Krukziener camp defaulted on anything.
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Cheers
Marc
Former Rich Lister Krukziener will not be bankrupted over the $6.98 million the court ruled he owed Hanover. In return, he will not pursue the finance company for the $86,000 he claimed it owed him on top of the $4.15 million loan at the core of the dispute.
But the amount that has finally changed hands may never be known, with Hanover saying the deal is confidential and refusing further comment.
The protracted battle stems from a loan originally made in 1998.
In 2002, Hanover - then called Elders Finance - struck a deal with Krukziener when his companies could not meet their commitments.
The financier went into a joint venture with Krukziener over properties at 13-15 and 17 Albert St in central Auckland. The plan was the finance company would get payment from a share of the profits from a development planned for 13-15 Albert St and by receiving surplus income from the next-door building. The outstanding loan, plus interest and any fees, would have to be paid if the Krukziener camp defaulted on anything.
Read more...
Cheers
Marc