If he doesn’t have the time, what with MOP and all, this writer will tell the story”. I of course responded by saying “Go ahead, but get it right”.
According to coconut wireless ghost busters, Tim Fan Is a girl born in 1992, which makes her a 14-year-old at the time the sale and purchase of Lagoon Lodges was transacted and not spiritually mature enough to know what was going on.
She is now a surrogate of the cartel of the highest order and is one of three ghosts tasked with distracting me and stopping MOP’s PPP development from proceeding, so as to prevent Pa Enua natives from ascending and joining us at our national economic table reserved for Rarotonga and Aitutaki. And if the drum beats are correct, Tim Fan is hacking court records for what she can find on me. May I warn Tim Fan that she is playing with the big boys and should be careful.
I will now “write up a letter on the Lagoon Lodges” as she initially wanted, given that it’s been more than the “couple of days” she gave me to respond and we haven’t heard from her!
In 2006 Lagoon Lodges was up for sale and the best offer the vendors received was $2.7 million - not enough to get them out of financial trouble. I asked how much they needed and they told me $4 million, so I offered them $4 million plus VAT after doing my sums and they grabbed it with both hands, thinking I was nuts. What they did not know was that the property could be unit-titled and sold at 10 per cent return on investment to yield $10 million.
Needless to say I unit-titled the property and presold 37 per cent of the units to New Zealand investors to retire their $4 million price tag and retained 63 per cent of units debt free, meaning I made $6.3 million development profit. Evidence of what I am saying is in the Land Court for all to see, including the New Zealand investors who bought titles and the prices they paid.
In 2008 New Zealand investors who followed me to Lagoon Lodges, Castaway Beach and Manea Beach solicited the complicity of my local manager in hijacking those properties, along with Manuia Beach, which had no investors sitting on it, all without my knowledge until an email from my local manager to investors’ representatives surfaced saying;
•“I have thought this through and believe the following can be achieved with very little disruption. This would really have to come with the approval of all investors and Strategic Finance as well”.
•“I would basically take the accounts team that I have now assembled under the Kia Orana Group (names suppressed for now) and carry on as we are now”.
•“Without the hindrance of Tim or Tepaki Group, I will replace (names suppressed for now). You would see vast improvements in months”.
And sure enough investor representatives along with their lawyer and my equity financier arrived on island and made me an offer to manage Lagoon Lodges, Castaway Beach and my own Manuia Beach that I couldn’t refuse; in the words of their lawyer “why not take $1.2 million a year and go and sit on the beach while we operate your units for you?” I liked their offer so I accepted it!
But before I accepted it, I asked them if they were complicit in an attempt by my local manager to hijack my properties, to which they said “no” and handed emails from my local manager that included the aforementioned excerpts, and told me it was my local manager that was conning them into taking over my properties. When I questioned my local manager, he blamed investors for conning him - as expected, but from where I am sitting those emails revealed that both were complicit.
Unbeknown to me CI News was already tracking events, because a reporter emailed my equity financier saying she was aware that the financier had come to Rarotonga with investors to seize my properties and wanted to know when and where cases against Tepaki would be heard. The reply from my financier must have shocked CI News because it stopped communicating after my financier told the reporter get her facts right, because my accounts were current and it had no reason to seize my properties.
In 2010 my equity financier went into receivership and its receiver came and seized Lagoon Lodges and Castaway Beach, both of which were debt free but with security cross-collateralised to Manuia Beach, which had a $6 million debt. It was the perfect sting by what I would describe an unscrupulous receiver because it served me a 24-hour notice to pay the debt with week’s end looming, so as to prevent me from traveling to New Zealand and arranging alternative finance. I am saying “unscrupulous”, because I had a satisfactory arrangement to service debt with my financier and the receiver chose to ignore that. Annoyed by these events, I petitioned the court for damages in the sum of $60 million, as a civil matter so I could represent myself and not a criminal matter that would require a lawyer to attend. My aim was to have the matter set aside in court and dealt with later as a criminal matter, and that is still the case.
The judge did advise me a few times during that hearing to get a lawyer, presumably noticing the criminality, so watch this space!
As for Manea Beach investors, they proceeded to hijack the property and raided my bank account without my knowledge, and refused mediation after the court strongly recommended mediation. And now that the receiver I appointed for recovery has exited, I will convert this matter to criminal charges, so again, watch this space!
I trust that this letter adequately explains the story of Lagoon Lodges as Tim Fan requested, which by the way, excludes details of criminal activities for the obvious reason of a pending court hearing. It remains a mystery to me why Tim Fan would have us believe unit titles were an issue, because they weren’t!
PS: The PPP Prosperity Outcome will roll out tomorrow!