(Left) John Chow and Michael Chow of the Chow Group.
File photo
(Left) John Chow and Michael Chow of the Chow Group.
File photo
The Chow brothers will have to pay back more than $100,000 they took out of a joint venture on the same day the High Court restrained them from dealing with or disposing of its assets.
In a decision in the High Court at Wellington last month, Wellington brothel owners Michaeland John Chow were restrained from dealing with Portfolio NZ Ltd, a joint venture set up in May between the Chows and architecture firm Flax Design Group.
Flax Design was to pay $123,000 for their share of the venture, but the Chows pulled the plug on the deal after two payments of about $89,000 were made.
The company plans to sue the Chows for almost $1 million in damages.
Flax Design claims the Chows acted in contempt of the High Court's interim injunction by making a payment of $137,000 from Portfolio NZ Ltd to their company, Chow Group Management, on the same day the injunction was made.
At a hearing in the High Court at Wellington yesterday, (Wednesday) Judge Robert Dobson ordered the Chows to repay the funds, the Dominion Post reported.
Judge Dobson gave Flax Design Group five working days after repayment to make a statement of claim, and the Chows 10 working days to apply for a summary judgement.
