Tag Archives: Delta

Dunedin homes face power blackout #Delta #Aurora

Updated post
Sat, 15 Apr 2017 at 2:15 p.m.

████ Reports of outages last night (Good Friday) at Leith Valley, Ross Creek and Mt Cargill area, and separate outages in Brighton and at Gladstone Road, Mosgiel. This during calm weather, following the last days of rain.

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Fri, 14 Apr 2017
ODT: Dunedin power outage issue resolved
A fault in a high voltage switch resulted in a power outage affecting 446 Dunedin homes between 6.30pm and 10.10pm [Friday], in the Leith Valley, Ross Creek and Mt Cargill area. Delta operations and risk general manager John Campbell said lines crews had worked on the problem, isolated the fault and restored power by 10.10pm, and further work would be done to repair the switch.

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At Facebook:

[whatifdunedin]

Related Posts and Comments:
30.3.17 Famous Fat Bros’ Aurora/Delta news trickles in…. but can the sisters divorce
11.3.17 How Safe Are We/Our Businesses with the Corporate Disaster that’s Aurora, owned by DCC ? #reliability
16.12.16 Tim Hunter, NBR —Aurora/Delta, DCC and ComCom
12.11.16 Delta/Aurora : Current strategy to “fix on failure” [extreme neglect]
22.10.16 DCC struggles with Governance…. Delta/Aurora/DCHL in slipslidy mode
● 9.6.16 Aurora Energy Ltd warned by regulator

█ For more, enter the terms *aurora*, *delta*, *grady*, *poles*, *asset management plan*, *dchl*, *auditor-general*, *epicpolefail* or *epic fraud* in the search box at right.

Posted by Elizabeth Kerr

This post is offered in the public interest.

12 Comments

Filed under Aurora Energy, Business, DCC, DCHL, Delta, Democracy, Dunedin, Economics, Electricity, Events, Geography, Health & Safety, Housing, Infrastructure, Media, Name, New Zealand, OAG, Ombudsman, People, Politics, Project management, Property, Public interest, Travesty, What stadium

Baron de Gurgelaars on “Accountability” @ #DUD #Delta

bender-futurama-cartoonswallpapers-net-1

Received.
Tue, 22 Nov 2016 at 7:34 p.m.

The Pimp from hell is back.

Le Baron de Gurgelaars on de French political system.

Le Interviewer: a qvestion

Le Cull de Mare- Cur, can you pls advise your council’s response to the suggestion that Delta is not involved in electricity generation.

Le Cull de Mare- Ve vill not find any vone guilty.

Le Interviewer- During 2016 your council has stuffed up on flooding, mud tank cleaning, paying Delta for a truck that did not exist in Dunedin, reducing the value of all houses in South Dunedin and not charging for water takeoff on the peninsula. What do you have to say about diese errors of judgement.

Le Cull de Mare- Ve vill not find any person guilty, particularly me.

During 2016, You personally blamed the flooding of South Dunedin on climate change. Do you believe that heavy rain did not fall on Dunedin prior to man’s intervention?

Le Cull de Mare- naturlich- Dunedin was a Desert.

During 2016- Fulton Hogan was exposed for not having any vehicle capable of cleaning the mud tanks and thus completing their mud tank contract. Did you consider a drawback of over $200,000 on their unperformed contract?

Le Cull de Mare- Nein, how can DCC staff get their Christmas bonuses without recourse to increase in rates unless they are allowed contractual licence (see poetic licence)

Le Interviewer- Today Cull de Mare, some properties in South Dunedin particularly Victoria street had reduced QV values. Whilst that will reduce their rates by 1%, their valuations can cause mortgagee sales by banks, increased weekly payments apart from divorces and suicides.

Le Cull de Mare- vot are you saying, you blame me for naming climate change for causing these personal catastrophes, you tink I am ze cause, vot u think I vant diese resulten?

Do u think I am Adolf Hitler?

De Interviewer-

Not Yet.

But power corrupts and absolute power corrupts absolutely.

Posted by Elizabeth Kerr

This post is offered in the public interest.

*Image: cartoonswallpapers.net – Futurama Bender the Pimp

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Filed under Aurora Energy, Business, Climate change, Delta, Democracy, Design, Dunedin, Economics, Events, Finance, Geography, Health, Housing, Infrastructure, Name, New Zealand, OAG, Ombudsman, People, Pet projects, Politics, Project management, Property, Public interest, Resource management, Site, South Dunedin, Town planning, Transportation, Travesty, Urban design, What stadium

DCHL —Which ‘Infinity’ were Councillors sold on #funnybusiness

ODT 13.10.16 (page 12)

odt-13-10-16-letter-to-editor-garbutt-p12

The published reply has no direct bearing on Russell Garbutt’s enquiry.

● INFINITY YALDHURST LIMITED (5886102)
Incorporation Date: 09 Feb 2016
Address for service:
Jackson Valentine Limited, Level 3, 258 Stuart Street, Dunedin 9016
http://www.companies.govt.nz/co/5886102

● INFINITY INVESTMENT GROUP HOLDINGS LIMITED (1004601)
Incorporation Date: 06 Dec 1999
Address for service:
Jackson Valentine Limited, Level 3, 258 Stuart Street, Dunedin 9016
http://www.companies.govt.nz/co/1004601

● INFINITY FINANCE AND MORTGAGE LIMITED (5920307)
Incorporation Date: 17 Mar 2016
Address for service:
Infinity Finance and Mortgage Limited, 12a Fovant Street, Russley, Christchurch 8042
http://www.companies.govt.nz/co/5920307

Related Post and Comments:
22.9.16 DCC : Delta deal 1 Aug 2016 Council meeting (non-public) #LGOIMA

█ For more, enter the term *delta*, *dchl*, *infinity*, *noble* or *epic fraud* in the search box at right.

Posted by Elizabeth Kerr

This post is offered in the public interest.

5 Comments

Filed under Baloney, Business, DCC, DCHL, DCTL, Delta, Democracy, Economics, Finance, Housing, Infrastructure, Media, Name, New Zealand, OAG, Ombudsman, People, Perversion, Pet projects, Politics, Project management, Property, Public interest, Resource management, SFO, Site, Travesty, What stadium

COMPLETE Dis-satisfaction with DCC, DCHL, DVML, DVL, Delta….

marigold-tweaked-by-whatifdunedin-cdn-guardian-ng

Fake it til you make it, and hey, don’t lift the marigolds.

Sorry Daaave, looks like a D for your council’s governance. —Actually, for the avoidance of euphemism, make that D- and lower for DIRE Performance, accompanying Drivel, and Diabolical treatment of Residents and Ratepayers in the aftermath of emergency situations.

Listening to Yes People and your dwindling voter base isn’t your best hope to resolve ongoing multimillion-dollar losses being sustained by a couple of the council-owned companies, to the point where the holding company led by chairman Crombie, fronts with a “qualified audit” only on presentation of its annual report(?) to Council.

[In July 2015 Graham Crombie was appointed to the Commerce Commission as an Associate Commissioner for a five year term.]

Damages to employment, liveability and opportunity in a No-growth city keep stacking.

“It is also yet another example of good public service jobs being lost from our smaller towns and cities.” –PSA spokeswoman

### ODT Online Thu, 13 Oct 2016
ACC jobs to go in Dunedin
By Vaughan Elder
After consulting with staff since June, the decision had been made to relocate all the roles over the next 12 to 18 months to the larger Christchurch office and have “one centre for consistent customer and rehabilitation services across the Southern region”.
Read more

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Asked about people who continued to be negative about the city, he said: “Negativity is an attitude, it’s not a fact.”

### ODT Online Thu, 13 Oct 2016
Survey ‘shows Dunedin on right track’
By Vaughan Elder
A survey showing Dunedin residents feel increasingly positive about their city shows the city is on the “right track”, Mayor Dave Cull says. […] the annual survey was not all good news. Last year’s June flood was picked as a reason for increasing dissatisfaction with the city’s stormwater system [down 13 points to 43%]. Satisfaction rates also fell when it came to public toilets, the suitability of the city’s roads for cycling and the availability of parks in the central city.
Read more

[Chief executive Sue Bidrose] said some of the areas where there had been negative results this year and in past surveys correlated to negative media coverage in the Otago Daily Times.

*1577 survey responses from 5400 residents randomly selected from the electoral roll,

The Talking Head (without helmet, unprepared)

█ Dunedin City Council (media release)
Residents’ Opinion Survey released 12 Oct 2016. Link

Posted by Elizabeth Kerr

*Image: cdn.guardian.ng – marigold, tweaked by whatifdunedin

6 Comments

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Delta #EpicFail —Epic Fraud #14 : The Election and The End Game revisited

Received from Christchurch Driver [CD]
Sun, 25 Sep 2016 at 11:15 p.m.

Firstly, Ratepayers have a debt (yes another one, readers, but put the cudgels away, it doesn’t involve money illegally advanced by Delta) to Vaughan Elder, Cr Hilary Calvert and our What if? site for prising the official information about the August 1 2016 Council Meeting from the DCC. After an extended delay, some records were produced, but “technical difficulties” meant a full audio transcript was not available. How surprising. This is the Council equivalent of “The dog ate my homework, sir”, with the same level of credibility. But of course Mayor Cull will be able to say that he really wanted the transcript because, of course, he is FOR openness and transparency in Council, for the next fortnight anyway —because in response to the latest poll or subtle expression of displeasure from the ODT publishers, Mayor Cull is now a “transparency magnet”, you see.

While it would have been useful to see if any Councillors expressed even the most cursory concern about the deal, before voting to give away $13.2M to a shell company on the most favourable terms in commercial history, the key point is that Cr Lee Vandervis is the only candidate standing who sounded the alarm. He abstained from even voting on the proposal because the information put before Councillors was so pathetically incomplete that to even vote on it was giving the “proposal” more credibility than it deserved.

Departing from Matters Noble for a moment, your correspondent had from afar noticed a very clear divide on ‘the sound’ between sitting and new council candidates. To a man (and one woman) the sitting Councillors all sing the same song : everything is fine, everything is under control at the hands of your capable (sitting) Councillors and if these “whingers” would stop the “negativity” then everything would move from fine to fantastic on the DCC rate-o-meter. With the notable exception of the sniping between Mr Whiley and Mr Hawkins, there is clearly a little gentlemen’s agreement amongst incumbents not to say hard but truthful things about each other so that normal sycophant operation can resume after the election.

However, the other 32 council candidates are also singing a song that is mostly in unison, and that is that the present Council have failed the city in ways too numerous to count. Their description of the overall Council performance ranges from the mediocre to the abysmal.

With six new positions, in a normal election a candidate could probably spout vague but reassuring platitudes and have a good chance of joining the club. But this is not a normal election and the vast majority of new candidates aren’t being shy about what needs to change. A change is coming.

lee-vandervis-billboard-detail-1The point of all this : Your correspondent says that this is no time for the safety first status quo and if the best candidates only include one (Cr Vandervis) or even two then that is just fine. Vote accordingly. Mr Vandervis as Mayor can always run night classes over the first month in how to chair a subcommittee.

Your correspondent has for some time flayed the vast majority of Councillors in many posts for being slack jawed bystanders on the whole disgusting Delta Noble mess. Those Councillors who acquiesced and made like Silent Bob – which is all of them, except Cr Vandervis, do not merit re-election on a number of levels. Most odiferous of all is Cr Doug Hall, who is very well versed in subdivisions, and would never in fifty lifetimes commit his own money to a deal like this, but who refused to say anything. Sayonara, Doug Silent Bob Hall !!

However, some information from a little bird….
has come to light regarding the non-public section of the fateful August 1 Council meeting. This, along with other information made public at What if?, now means we have an accurate idea of why this turnip of a Delta deal was fertilised into life. (Sorry Vaughan, bested you again, but keep up the good work !).

It was a case of turnip councillors also being fertilised with you know what, but it was also a case of DCHL and DCC bureaucratic fascism, which is even more alarming.

Apparently, a senior representative at the meeting (can’t name names) lectured the Councillors for about 30 minutes that this Infinity deal was The Way, The Truth and will give Life to the half of the $25M DCC debt that the DCC had not written off. To extend the biblical analogy further, however, it would not be three days before the debt was resurrected, but EIGHT YEARS. (Good work on that in Friday’s ODT, Vaughan !!). This is rather a long time to go without financial oxygen, otherwise known as payment of interest, but at Delta (now enabled by the DCC) the unthinkable (the illegal construction of entire subdivisions, being had up for constructive fraud) is now commonplace.

What if? is led to understand that Councillors were lectured like school children, and questions were Not Tolerated by the Irascible Headmaster. They were to vote on the One True Option, and That Would Be That, and if they did not vote for the One True Option, the buyer of the Noble Subdivision would be lost.

Readers may recall that your correspondent did predict that this is precisely what would happen, a certain corporate person would pronounce that There Is No Alternative, regardless of the truth, and much of the statements by the Irascible Headmaster (not to be confused with The Fat Controller) are not true.

A malodorous other person also enabled this fertilisation, as a parting gift to fellow “managers” – and I use the term loosely.

For major decisions, DCC staff are meant to prepare a range of options so Council can debate which is best. Either they weren’t bothered or came under instruction to prepare one option only by minders at DCHL. The Council should remember it is DCHL’s superior, and (theoretically….) DCC’s senior executives should be monitoring the Council holding company and subsidiaries. Old habits (like saying yes) are troublesome things that become reflex actions.

Humour aside, what happened on August 1 and immediately following is simply anti-democratic and makes Councillors redundant rubber stamps for DCC staff. The amazing thing is that only two of the 15 elected complained about this obvious and basic sidelining of Councillors.

But even at that point Ratepayers could have possibly accepted a lack of proper process had a good option been presented. But the “Delta Deal” isn’t a good option. This is the most commercially one-sided deal seen in decades, and the level of excuses made by Crs Thomson and Cull, Delta CEO Cameron, and most of all Mr Crombie, should give Ratepayers pause. They protesteth too much. The cover has been in full swing. “This is the best we can do”, “there are no guarantees”, “it will take years…. but builders are lining up to buy the sections”.

the-fat-controller-thomas-the-tank-engine-2aIf The Fat Controller fitted one of his own conservative clients into this deal – a $13.2M second mortgage on a subdivision mired in legal action and half built illegally, at an interest rate of 7 per cent, he would doubtless be censured and taken to task by his professional body.

Something appears to be rotten in the State of Dunedin. Why is there indecent DCHL directorial haste to get this deal done ? Will Infinity Yaldhurst spend vast sums on marketing the sections via the ODT ? Will certain ex DCC operationals retire to Wanaka, coincidentally on an Infinity Subdivision ? Will Mr Crombie and Mr Frost become directors or shareholders of some Infinity venture, or their firms be remunerated in some generous way at Noble ?
Stay tuned, same bat time, same bat channel !…..

There is a way to stop this rot, to stop the sale to Infinity and bring the entire subdivision back under the control of the DCC. Council was not able to vote on the actual terms and conditions of the disgraceful $13.2M second mortgage at the August 1 meeting. This will be done by the new Council after the election. The solution is obvious. Don’t give the money to Infinity and the whole deal will fall over, then the DCC can appoint its own development manager and sell down the sections that are ready now, and start selling the commercial land, which is the real cash cow of the deal. Without a doubt Council would recover all of the $25M debt, and get interest on it as well. This amount would pay a great proportion of the South Dunedin flood control work……

This is too hard for your turnip DCHL directors, and involves a serious loss of face, but who cares about them ? With the right development manager the DCC can do it in house. There is one man in Dunedin who is available at the end of the year and has the necessary integrity and expertise to do it, and his name is Geoff Plunket, soon to be former CEO of Port Otago and Chalmers Property.

[ends]

Related Posts and Comments:
22.9.16 DCC : Delta deal 1 Aug 2016 Council meeting (non-public) #LGOIMA
18.9.16 Delta #EpicFail —Epic Fraud #13 : Councillors! How low can you Zhao ?
26.8.16 Delta #EpicFail —EpicFraud #12 : The Buyer Confirmed
24.8.16 Delta peripheral #EpicFail : Stonewood Homes —Boult under investigation
8.8.16 Delta #EpicFail —Epic Fraud #11 : The Buyer
1.8.16 Delta #EpicFail —The End Game according to CD
31.7.16 Delta #EpicFail —Epic Fraud #10 : The Beginning of the End : Grady Cameron and his Steam Shovel

█ For more, enter the terms *delta*, *infinity*, *noble* or *epic fraud* in the search box at right.

Posted by Elizabeth Kerr

Election Year. This post is offered ion the public interest.

*Images: Lee Vandervis billboard detail by whatifdunedin | The Fat Controller from Thomas the Tank Engine

17 Comments

Filed under Business, Construction, DCC, DCHL, DCTL, Delta, Democracy, District Plan, Economics, Finance, Geography, Housing, Infrastructure, Media, Name, New Zealand, OAG, Ombudsman, People, Politics, Project management, Property, Public interest, Resource management, SFO, Site, Town planning, Travesty, Urban design

DCC : Delta deal 1 Aug 2016 Council meeting (non-public) #LGOIMA

Updated post
Tue, 27 Sep 2016 at 7:08 p.m.

On 1 August 2016 I lodged an official information request with DCC to obtain documents and audio file for the non-public meeting of Council held that day to decide Delta’s deal with “Infinity” (later, properly referred to as Infinity Yaldhurst Ltd. NOTE: Not the company called Infinity Investment Group Holdings Ltd. The information request was made subject to an extension. (In particular for more context, see Delta posts at What if? Dunedin from 1 August onwards – to access these use the term *delta* in the search box at right).

The information received from DCC is published here.

——– Original Message ——–
Subject: Minutes of Council meeting August 1
Date: Mon, 19 Sep 2016 21:26:24 +0000
From: DCC Governance Support
To: Elizabeth Kerr

Dear Elizabeth,

Further to Kristy’s response below, please find attached a copy of the minutes of the meeting. These are now confirmed as correct.

Regards
DCC Governance Support

Attachment: Minutes Council 010816

——– Original Message ——–
Subject: FW: Please check LGOIMA response on Delta PE documents and audio file
Date: Mon, 19 Sep 2016 20:48:01 +0000
From: Kristy Rusher
To: Elizabeth Kerr

Hi,

In relation to your request for the information about the Council’s decision regarding the Delta & the Noble Subdivision, we now provide you with:

1. The audio recording and transcript of the non-public section of the 1 August council meeting where this transaction was considered. Please click on this link: https://www.dropbox.com/sh/jcvhpn0w2a7v1n7/AADWTnaiJcP3R0YA-dZuuo1Ya?dl=0

2. A copy of reports presented as part of the non-public section of the August 1 council meeting where the Delta transaction was discussed.

3. The minutes of this part of the 1 August Council meeting are not yet included. That is because at yesterday’s meeting of the Council, an amendment was made to this section of the minutes. They will be provided to you in their amended form when the minutes of yesterday’s meeting become available.

The information you have requested is attached. Please note that due to the late conclusion of yesterday’s Council meeting we were unable to provide you with this response yesterday.

Audio Recording of Discussion at Council Meeting

There were some technical difficulties experienced with the recording of the meeting. Unfortunately this resulted in only the first part of the meeting up until the first adjournment being recorded. We have sought expert help to recover the rest of the recording but it is blank.

An independent party has also transcribed the audio file that is available and this transcript is attached. This provides details of each speaker and may help your listening of the file.

If you have any questions please contact me in the first instance.

Regards, Kristy

Attachments:
1. CNL20160801_1967_207_5.pdf
2. Transcript of Meeting 2016_08_01 np.pdf
3. Noble-Yaldhurst Village Update – 2016_08_01 final.pdf

GO TO NEW POST
27.9.16 Has DCC Delta stupidly bought into another Pegasus . . . . #notquite

Why has our Dunedin City Council decided to have anything to do with Infinity via council owned company Delta ? Which Infinity ? Infinity Investment Group Holdings Ltd ? Infinity Yaldhurst Ltd ? And who is Infinity Finance and Mortgage Ltd, of a bedroom at 12A Fovant St, Russley ? Is ‘Infinity’ a front for Gordon Stewart’s Noble Investments Ltd ? We delve…. Meanwhile, here’s Infinity’s slow-troubled-road Pegasus. Cont/

█ For more, enter the terms *delta*, *infinity*, *noble* or *epic fraud* in the search box at right.

Posted by Elizabeth Kerr

Election Year. This post is offered in the public interest.

2 Comments

Filed under Business, DCC, DCHL, DCTL, Delta, Democracy, Economics, Finance, Housing, Infrastructure, New Zealand, OAG, Ombudsman, People, Politics, Project management, Property, Public interest, Resource management, Site, Town planning, Transportation, Travesty, Urban design

Delta #EpicFail —Epic Fraud #13 : Councillors! How low can you Zhao ?

Updated, this post was originally published on 29 Aug 2016.

Received from Christchurch Driver [CD]
Thu, 15 September 2016 at 6:53 p.m.

Readers

Recently some diligent whatiffers (thank-you Mick, Calvin), have provided some very pertinent information that puts your intemperate correspondent well ahead of the chasing pack that is national media.

Delta’s financial “breakthrough” at the Noble Subdivision got an airing on National Radio “news” late last month. Strangely, there was no mention of the buyers’ troubled history that checkmated $101M into the big depository in the sky. Fortunately, online media Stuff (26.8.16) has better quality reporting than our erstwhile public servants (well chaps, it was the weekend after all) and had this epic fail firmly in their sights. Vaughan Elder at the ODT (27.8.16) also stepped up to the plate, hammering home the $101M Infinity fail. “Efforts to contact Infinity Yaldhurst were unsuccessful,” said Vaughan [before ODT updated the article]. No prizes for why…..Go Vaughan you good thing !

Tonight, readers, over a cup of Bell or two (put that Twining’s rubbish away – we’re not in Fendalton now !)….. we shall look at a likely funder at Noble (at third mortgage level, no less), and in doing so we shall arrive at the quiet suburban destination of 12a Fovant St, Russley; the poor man’s Fendalton, if you will. Once again, truth trumps fiction, and from this secure and modest address it is quite probable the highly insecure and very immodestly sized Noble Subdivision will receive finance.

Firstly, readers, it is important to understand what your complete turnips of Councillors could not, and that is : it is the holder of the first mortgage that basically drives the train in any development. When things go bad – often – the developer gets told to go sit in the corner and play with some knives while the first mortgage owners decide what is best for them, and them alone, and the size of the haircut for everyone else. Delta have just found this out the expensive way to their approximate overall loss of $25M. Delta now wholeheartedly agree with this theory because they happily spent $3.39M of ratepayer funds to buy 67.5% of a $1.75M first mortgage, which was an illegal transaction at that. Mr Crombie and Mr Cameron say that interest doesn’t count ….Turnips that need to be culled, you say : I hear you!

But the problem with first mortgage holders is that they are very often banks that don’t have a large appetite for risk, and they hate “mezzanine financing” with all the conservative passion they can muster. Mezzanine funding is what they call funding projects during their construction. If things go wrong of course at the construction stage (consider Noble), there is only a half-finished at best project…. worth precisely nothing, which tends to play havoc with the banks’ precious LTV (loan-to-value) guidelines.

Readers will remember this was precisely the scenario at Noble where the mortgagee sale was marketed on the basis that it was bare land, ie the $11.5M of half-finished work by Delta was deemed to be worth nothing. So while Delta trumpet that there is a bank as a first mortgagee involved, your correspondent surmises that given the project’s radioactive history, it is a very small first mortgage, that is nowhere near big enough to finance the completion of even the first stage of the subdivision.

This leads us to some very interesting territory. How to fund the construction ? A smallish bank first mortgage, Delta as second mortgagee. Even Grady Cameron and possibly even Mr McLauchlan comprehend that they would be sacked if they advanced more public funds to Noble on a second mortgage basis. Could the purchaser, Infinity Yaldhurst Ltd fund it ? We do not know this, because of the commercial stupidity of most of your Councillors : we understand it was explained to them fatty-cull-using-hula-hoop-cartoon-figure-via-123rf-comin words of almost one syllable at the Council meeting on 1 August that it was a VERY BAD THING to lend $13M-odd as a second mortgage, NOT KNOWING THE SPECIFICS OF THE OVERALL PROJECT FUNDING or the details of the “purchaser”, the shell company Infinity Yaldhurst, set up specifically for one project that has no assets and NO BACKING OR GUARANTEE from any other Infinity Group Company that managing director Paul Croft is involved in.

(Perhaps our walking photo opportunity that is the Mayor could advise us what sort of COLLATERAL SECURITY has been offered by Infinity Yaldhurst).

What is an impecunious property developer to do ? Readers, allow me to introduce to you…. Infinity Finance and Mortgage Ltd. This interestingly named company was incorporated on 17 March 2016. Your correspondent thinks that it provides a clue as to how the Noble Subdivision may be financed. Its sole director and shareholder is a fellow named Xiangqing ZHAO aka Xiang Qing ZHAO. The registered office of this apparent titan of finance is at 12a Fovant St, Russley, Christchurch. This is just a little more than a stone’s throw from the Noble Subdivision.

yaldhurst-village-and-12a-fovant-st[click to enlarge]

A quick peep at Google Street View shows that Fovant St is a street of well tended and modest homes. There is not a single commercial premises evident. Now 12a (with a little pool in the backyard) is not actually visible from the street, being blocked by a quite nicely proportioned brick and tile bungalow from early 1970s, approximate value $590,000.

12a-fovant-street-russley-christchurch-google-earth12a Fovant Street, Russley [Google Earth]

Mr Zhao’s previous commercial activities are also, ahem, somewhat idiosyncratic. Mr Zhao’s visible means of support includes his being the Shareholder of a pizza company, “X Pizza Ltd” and a company called “A-Team Company”.

So there is a suspicion that Dunedin City Councillors voted, at their meeting on 1 August, to lend $13M to a shell company, Infinity Yaldhurst, that may be receiving some form of finance from a company effectively controlled by an Asian, with a predilection for pizza, operating property investment companies and a finance company out of his bedroom – safely out of sight, down a driveway on a back section in Russley. It would be impossible to make this up. Gold Band at least had premises and statutory reporting requirements that it fulfilled. With Mr Zhao there is the very strong suspicion there will be a wall of opacity when things turn bad, and 12a will be sublet to Irish construction workers who have never heard of Mr Zhao and don’t know who receives their rent.

It is very significant our mendacious minders at Delta did not make any reference to precisely how the project would be funded on their breathless press release (26.8.16). Readers and ratepayers should be prepared for the fantastic fact that the Noble Subdivision is so troubled and radioactive it requires a THIRD mortgage (ie after the Bank, and after Delta) from an Asian “bedroom funder” several steps below a Microfinance company. Good grief, what next – crowd funding ?

One cannot escape the thought that perhaps the money that may be advanced does not belong to Mr Zhao, but he has some access to funds from Asia. We do know that a tsunami of cash from China in the last 12-18 months has washed through Australia, in particular the Gold Coast, and that cash has purchased an amazing amount of property there. It would be entirely unsurprising if Asian interests looked at this as a no-lose situation to park some funds. Plan A : Lend money to Infinity Yaldhurst at 25% plus (remember Delta were or are getting 22.5%). Plan B : If the project tips up yet again, buy out the first and second mortgage holders for about $16-20M, and create Christchurch’s first gated community dedicated to Asian peoples. Many of the sections are only 125 sq m, which would suit Asian immigrants, more than local residents.

The question readers, is how low – how low can our turnip Councillors Zhao ?

[ends]

● INFINITY YALDHURST LIMITED (5886102)
Incorporation Date: 09 Feb 2016
Address for service:
Jackson Valentine Limited, Level 3, 258 Stuart Street, Dunedin 9016
http://www.companies.govt.nz/co/5886102

● INFINITY INVESTMENT GROUP HOLDINGS LIMITED (1004601)
Incorporation Date: 06 Dec 1999
Address for service:
Jackson Valentine Limited, Level 3, 258 Stuart Street, Dunedin 9016
http://www.companies.govt.nz/co/1004601

● INFINITY FINANCE AND MORTGAGE LIMITED (5920307)
Incorporation Date: 17 Mar 2016
Address for service:
Infinity Finance and Mortgage Limited, 12a Fovant Street, Russley, Christchurch 8042
http://www.companies.govt.nz/co/5920307

Related Posts and Comments:
26.8.16 Delta #EpicFail —EpicFraud #12 : The Buyer Confirmed
24.8.16 Delta peripheral #EpicFail : Stonewood Homes —Boult under investigation
8.8.16 Delta #EpicFail —Epic Fraud #11 : The Buyer
1.8.16 Delta #EpicFail —The End Game according to CD
31.7.16 Delta #EpicFail —Epic Fraud #10 : The Beginning of the End : Grady Cameron and his Steam Shovel

█ For more, enter the terms *delta*, *noble* or *epic fraud* in the search box at right.

Posted by Elizabeth Kerr

Election Year. This post is offered ion the public interest.

*Images: 123rf.com – Fatty Cull using Hula Hoop, tweaked by whatifdunedin | Noble Subdivision close proximity to 12a Fovant St [Mick Field overlay]

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