New Zealand: $40 million fraud alleged over Auckland hotel development
16 Feb 2017

Four people have been accused by the Serious Fraud Office of misleading ANZ into giving them a loan facility of about $40 million.

Property developer Leonard John Ross (50), company director Michael James Wehipeihana (45), self-employed consultant Vaughn Stephen Foster (54) and one other person have been charged by the SFO at the Auckland District Court.

The SFO alleged the defendants made false statements and used forged documents to obtain a credit facility from the ANZ to allow a company, Emily Projects Limited (Emily Projects), to develop the Waldorf Celestion Apartment Hotel in Auckland.

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