Tuaman Inc agrees to sell Pakiri land

David Tua

David Tua and his former managers have agreed to sell a multi-million-dollar block of coastal Pakiri land but their dispute over ownership is heading back to court.
The sale was among issues discussed in a telephone conference on Tuesday between Justice Hugh Williams and lawyers for Tua and for Martin Pugh and Kevin Barry, whom Tua sacked in July 2003.

Justin Toebes, lawyer for Barry, said the parties also agreed to sell Tua's inner-city apartment, in which he lives with his wife, Robina, and their children. Part of the proceeds of the sales will be used to pay off mortgages of about $4.7 million on the land and the apartment.

The remainder is to be held in trust pending resolution of the issues between the parties. Servicing the debt is understood to cost about $250,000 a year.

The 51ha block was bought in 2001 in the name of boxing company Tuaman Inc for $7.5 million. Mr Pugh has previously said he had a buyer for $15 million.

Tua believes he owns more than half of the land - which his 50 per cent ownership of Tuaman Inc gives him - and his lawyer, Luke Kemp, said that was being pursued through another court case.

None of the issues between the parties has been resolved in the two years since they fell out.

Tua lost his court argument that the land was his alone under an express trust. But Justice Williams raised in his judgment the possibility that Tua might, through some other legal route, be found to be entitled to "conceivably up to 100 per cent".

Tua's lawyers have been given until June 10 to file pleadings arguing a case for Pakiri based on constructive trust. This would involve attacking the credibility of the exclusive management agreement the boxer signed with his managers.

The agreement entitled Tuaman Inc - of which Pugh and Barry own 25 per cent each - to 30 per cent of purses earned by Tua and 80 per cent of endorsement and promotional revenue.

Pugh and Barry will ask the court to enforce the agreement, which has about 18 months to run.