The lawyer accused of serious fraud relating to finance for development of the Waldorf Celestion apartments hotel in 2009 pleaded guilty in the Auckland High Court on Friday to one Crimes Act charge of obtaining by deception.
Timothy Upton Slack (55) was one of 4 men charged by the Serious Fraud Office with making false statements in order to obtain a credit facility from the ANZ Bank NZ Ltd to allow Emily Projects Ltd to develop the Celestion between Anzac Avenue & Emily Place in Auckland.
The Serious Fraud Office has alleged that a loan facility of about $40 million was obtained.
Mr Slack’s name suppression was lifted, but non-publication orders relating to third parties remain in place. He faces up to 3 years’ jail. Mr Slack was adjudicated bankrupt in 2013 and automatically discharged in April 2016.
The other 3 defendants – property developer Leonard John Ross, company director Michael James Wehipeihana and self-employed consultant Vaughn Stephen Foster – will face trial on 5 June 2018.
12 April 2017: Remand on Celestion development fraud allegations
17 February 2017: SFO alleges fraud in Celestion development loan deal
9 October 2009: Apartments at centre of Blue Chip case go on market
8 May 2009: Ross’ Emily Projects starts work on ex-Blue Chip site
Attribution: SFO release, insolvency register.