Three Nelson property companies with assets worth at least $40 million have successfully sued their former investment management company and two former directors, BusinessDesk reports.
Michael Millar is the director of Investment Services Limited (ISL), which provided investment and property management services to First NZ Properties, Superstore Properties and Springs Road Property between 2001, when it took over the contracts from another entity associated with Miller, and 2020.
The latter company, Springs Road, was placed into liquidation after selling its east Auckland commercial property last year.
However, the two other companies own commercial properties worth more than $40m on behalf of 320-plus shareholders.
As well as being the director of ISL, Millar is a former director of the three property companies. He also appointed former ISL CEO, Neil Barnes, who is facing charges from the Serious Fraud Office after allegedly defrauding the property companies of more than $2m.
