‘Optical disaster’ on litigation payout, Chows follow Yan in Albany debacle, Lepionka wins latest legal battle

In NBR Print today: A litigation funding specialist has criticised the outcome of long-running legal action after a $A5.1 million payout was swallowed up by costs, leaving nothing for the plaintiffs. The case was brought against NZX-listed New Zealand insurer CBL over its refusal to pay a claim on a policy covering workers in Australia, who were left out of pocket after their employer went bust in 2006. Tim Hunter reports.

NBR Rich Listers John and Michael Chow are the latest in a long line of people to have lent money to a problematic Albany apartment development linked to William Yan, who paid police $43 million this week. The Chows’ Inno Capital has become the latest first mortgage funder, with a $50 million security, for the troubled Albany Heights development now known as Silvermoon Park.

A former Kiwi who spent nearly three decades as an EU insider believes the UK could yet remain in the European Union. Michael Lake, a former journalist who ended up as the EU’s ambassador to Turkey and Hungary, believes constitutional lawyers – and clever politics – may yet stall the move, given the “serious dissent” in Britain since the Brexit vote. Karyn Scherer reports.

New regulations for honey and wine imports into China could mean producers have to team up with competitors to get their products over the line. Details of the regulations have not been released but are likely to follow in the footsteps of infant formula rules created two years ago. Calida Smylie reports.

An Australian property developer has failed to avoid bankruptcy after a property deal in Hawke’s Bay involving Charlie’s co-founder Stefan Lepionka turned sour. Garth Paterson tried to have his bankruptcy overturned in April but a judge found he failed to pay a debt on time, part of a larger $3.8 million debt owed to Mr Lepionka. Campbell Gibson has the story.

Fears are being raised about the potentially catastrophic consequences for New Zealand’s primary exports if the closure of a Callaghan Innovation research programme goes ahead next month. As the crown agency is at pains to point out, although its R&D grants programme attracts the lion’s share of attention – and criticism – around two-thirds of its 384 employees are engaged in scientific work. Nick Grant reports.

Don’t miss: NBR Special Report: IT / ICT: From cloud to fog – digital transformation matures.

All this and more in today’s NBR Print Edition. Out now 

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