Chris Huljich wins $12.8m damages in 24-year pursuit of lost money

Gold coins, a collection of Rolex watches and about 50 paintings were in the storage facility cited in the court case. Photo / 123RF

A member of a family on the NBR List of New Zealand’s wealthiest has won a case for damages and been awarded $12.8 million in a 24-year international pursuit leading to packs of gold coins, Rolex watches, rare pens and 50 wrapped paintings in a British storage location.

Auckland-based businessman Christopher Peter Huljich invested US$1.5m ($2.4m) in 1999 but found out a year later about a “misappropriation” of that money via a Hong Kong-based broker.

It was in chasing the money that he learned of the storehouse of wealth with the coins, watches and art works - but he can’t get access to any of its wonders yet to recover money.

Justice Laura O’Gorman in the High Court at Auckland said in a decision released this week that the matters dated back to August 1999.

Huljich advanced US$1.5m for a long-term investment brokered by Andrew Olliver. That money went to Hong Kong-based Shayne Heffernan “but was lost as a result of misappropriation”, the judge said.

Huljich was an investor victim with many others from several countries.

The total amount fraudulently misappropriated is thought to total some hundreds of millions of American dollars, she said.

After losing the money, Huljich and Olliver agreed to work together to try to get it back.

In 2003, Olliver engaged Task International to chase the funds.

British man and overseas recovery expert Patrick John McCaffrey then worked for Task to chase the missing money. That went well. Olliver’s evidence is that by September 25, 2012, McCaffrey had successfully identified and recovered several assets, located in up to five locations around Europe.

But Huljich then wanted to recover funds and that did not go well.

Huljich’s case is against McCaffrey who his claim says did not transfer assets to Olliver - not by a 2013 deadline, or subsequently.

Christopher, Elizabeth, Michael and Paul Huljich in a photo taken some years ago.

Huljich was represented by Daniel McLellan, KC, in the case.

The judge said McCaffrey ordinarily lives in Dubai but was served documents in Nairobi, Kenya, two years ago.

In 2019, Olliver visited a storage facility with McCaffrey in England.

“He was shown several of the assets listed in a schedule and several vehicles and car parts that had not yet been listed or valued. Among the assets inspected were several packs of gold coins, a collection of Rolex and other rare watches, a collection of rare pens and approximately 50 or more paintings wrapped in bubble wrap,” the Auckland court decision said.

McCaffrey sent an inventory of assets valued at £8.89m to Huljich.

The judge said McCaffrey was surprisingly effective in recovering assets but she was concerned that her judgment might assist Huljich to benefit from the proceeds of crime, or receive stolen goods.

The value of assets which had been identified was around $18.4m in this country’s currency, she calculated by converting pounds to Kiwi dollars.

Using an expectation measure of 70 per cent of the value being recovered, she calculated damages as being worth $12.8m.

McCaffery was not represented at the Auckland hearing last month, nor did he file a statement of defence or take any other step in the proceeding such as protesting jurisdiction, the judge said. That means the hearing was undefended.

So she awarded Huljich damages of $12.8m in the February 28 decision.

Anne Gibson has been the Herald’s property editor for 24 years, has won many awards, written books and covered property extensively here and overseas.