Alex Janssen
Feb 15 · 2 min read

A major clue about how the mortgage was likely obtained is a Caveat instrument lodged by LM Waiwera Investment Limited on 20/9/2017 (same date the $3.5 million mortgage was lodged on Iyia’s property). The lodged document with LINZ highlights “pursuant to an agreement to mortgage contained in the agreement to sale and purchase shares dated 4th October”. This document may refer to shares owned by New Zealand Asia Trustees Limited a company which HID Trustees Company Limited allocated shares in on 4 October 2016, with Iyia’s Family trust splitting these shares 50/50 on 21 October.

Caveats can be used on an estate or valuable interest to serve as collateral in order to secure a loan or “2nd mortgage”. It prevents any dealings, including the sale or transfer of that property as long as the Caveat is not withdrawn or cancelled. Based on LINZ documents, it looks like the shares of Waiwera Heights Country Club Limited are being used as a caveat towards a mortgage with the shares mentioned being used as collateral.

Prior mortgages on this property include family members and recently immigrated investors. Mortgages also include the owner of the Prince’s Gate Hotel in Rotorua and controversial property developer (and ex-partner of Augustine Lau), Jiawen Mao, based on mortgage instruments with two identities matched to companies office records for investment holdings.

Changes to Shareholdings after the National Business Review’s October 2018 report. A caveat on Waiwera Heights Country Club Limited does not prevent shares within New Zealand Asia Trustees from being reallocated.
Split of shares first obtained 4 Oct.
Caveat Instrument lodged for 18 Weranui Road in Waiwera, owned by Waiwera Heights Country Club Limited
Mortgage instrument lodged for Iyia’s Coatesville Property.
    Alex Janssen

    Written by

    Rogue blogger and resident writer of Celebration Box stories. IG: KiwiAlexJanssen

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