Hamish Fletcher

Hamish Fletcher is a business reporter for the NZ Herald

Bankrupt developer denies money stash

Former developer Jamie Peters, who featured on the NBR's Rich List in 2005 and 2006, appeared in the High Court today. Photo / Greg Bowker
Former developer Jamie Peters, who featured on the NBR's Rich List in 2005 and 2006, appeared in the High Court today. Photo / Greg Bowker

Ex-rich-lister and undischarged bankrupt Jamie Peters allegedly told an investment adviser that he had money "salted away", the High Court has heard.

Peters, who denies saying this, is having his affairs examined in the High Court at Auckland this week, with the Official Assignee pushing for the former property developer to stay bankrupt for another three years.

Peters, in turn, has filed an application to be discharged from his bankruptcy, which will also be heard in court this week.

While Peters was in the witness box today, Official Assignee lawyer Gareth Neil referred to an affidavit from investment adviser Alexander Fowler that was provided to the Family Court in a dispute involving the bankrupt and his ex-wife.

In 2010, Fowler had called "out of the blue" saying he was interested in purchasing Peters' property at Pt Wells, Warkworth.

According to Fowler, Peters told him he had money "salted away" when the investment adviser came to visit and inspect the property, the court heard today.

Peters denied this and said those "words didn't come from my mouth".

"I believe Mr Fowler was a set up, " he said.

Fowler, who shared a lawyer with the bankrupt's ex-wife, had never contacted a real estate in the area and hadn't sold his own house, Peters said.

Other parts of proceedings today have dealt with details of Peters' residence, employment and marriage.

The former developer, who is now in his 40s and a relation of New Zealand First leader Winston Peters, appeared on the National Business Review's Rich List in 2005 as being worth $40 million and in 2006 with $45 million.

He was declared bankrupt in October 2009 owing more than $100 million.

Peters was involved with a number of high-profile developments prior to his bankrupcty including the $300 million East on Quay office development in Auckland.

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