INDEPENDENT NEWS

NZF to exit Mike Pero Mortgages partnership with Liberty

Published: Wed 5 Sep 2012 05:47 PM
NZF Group agrees to exit Mike Pero Mortgages partnership with Liberty Financial
Sept. 5 (BusinessDesk) - NZF Group, the financial services firm at loggerheads with the receivers of its failed lending unit, has agreed to exit its Mike Pero Mortgages joint venture with Australia's Liberty Financial for a yet-to-be-determined price.
The Auckland-based firm has agreed to sell its 50 percent stake in MPMH, which owns the Mike Pero Mortgages business and half of Mike Pero Real Estate, to Liberty and will get an independent valuation to set the sale price, it said in a statement. The sale might need shareholder approval depending on the price, and will be the only condition once the valuation is set.
The partners are involved in a High Court dispute over the venture, after Liberty filed papers alleging NZF Group was in breach of the agreed deal.
NZF Group is also in a battle with KordaMentha, the receivers for NZF Money, which is seeking to claw back funds for investors owed some $16.4 million in the failed finance company.
The firm is subject to an investigation by the Serious Fraud Office relating to transactions dating back to 2006.
The shares last traded in May at 0.3 cent, valuing the firm at just $330,000.
(BusinessDesk)
BusinessDesk
Independent, Trustworthy New Zealand Business News
The Wellington-based BusinessDesk team provides a daily news feed for a serious business audience.
Contact BusinessDesk
Email:

Next in Business, Science, and Tech

NZ EU FTA Coming Down To The Wire – Hold The Line, Says Business Forum
By: NZ International Business Forum
NZ space sector set to star in Moon mission
By: Ministry of Business Innovation and Employment
The Sky Is The Limit - Air New Zealand To Relaunch 14 International Routes In 16 Days
By: Air New Zealand
Cashing In On Carbon: The New Carbon Marketplace Helping Native Forest To Thrive
By: Carbonz
Entrust Dividend Will Be Welcomed After Another Tough Year
By: Entrust
NZ Economy: Prevailing Headwinds
By: BusinessNZ
View as: DESKTOP | MOBILE © Scoop Media