Ray White withdraws from Don Ha receivership
The Ray White Group has withdrawn from the receivership process for one of its franchises, Don Ha Real Estate.
Manukau-based Don Ha Real Estate was put into receivership on Thursday. The firm's principal, Don Ha, has had a high profile in the real estate world and was prominent as a horse owner in the mid-2000s.
On Friday, Ray White New Zealand chief executive Carey Smith said the receivers, Grant Thornton, would get the company's support in the receivership.
"Ray White will be involved in the day-to-day management and operation of Don Ha Real Estate, with the intention of putting the business into a position where the assets and goodwill can be sold to a third party," he said.
But that changed over the weekend and Mr Smith said today the company had withdrawn from the process.
"Our original intention was to assist in the receivership process. However, more information has since come to light, and we (are) now of the opinion that our involvement would not be advisable. We have full confidence that the receiver can achieve the best possible result for all parties, and we support their appointment."
The receiver's first report on the franchise's problems will be released on May 20.
Mr Ha said on his former company's website on Saturday said he recently realised that some of its management controls and reporting systems weren't what they should have been.
"I am confident that the bank which put me into receivership doesn't have a true understanding of my position," he said.
He said he was confident that the situation would be cleared up.
"We will continue to work with the receivers and work towards the best outcome for the business."
A Vietnamese immigrant, Mr Ha entered the real estate business in south Auckland about 17 years ago. He was valued at $50 million on the 2008 NBR "rich list" but has not made the list since.