September 01, 2016
Deliberate deceit in $3m Love deal
The High Court has found former Wellington Tenths Trust chair Sir Ngatata Love deliberately withheld from fellow trustees that a developer was willing to pay $3 million for the right to lease a trust property near parliament.
The money ended up being used to reduce the mortgage on a Plimmerton seafront home bought by Love and his partner Karen Skiffington.
In finding the 78-year-old guilty in the Wellington High Court this morning, Justice Graham Lang said because the events occurred almost 10 years ago, he based his judgment primarily on what the documents showed rather than what witnesses remembered.
In November 2006 Love negotiated with two Auckland developers, the Redwood and Equinox groups, on terms for developing the land at Pipitea St for a new headquarters for the government's spy agencies and Department of Prime Minister and Cabinet.
When he put the deal to the trust for approval the following week, there was no mention of the $3 million fee.
"In failing to point out that the developers were offering the additional sum of $3m, Dr Love omitted to provide them with material information. Furthermore, given the fact the bulk of the funds were ultimately used to reduce Dr Love's mortgage over the Plimmerton property, I have found that he was also party to a dishonest stratagem," Justice Lang said.
He remanded Love on bail until October 6 and asked for the pre-sentence to consider whether he was suitable for home detention.
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