The Serious Fraud Office has confirmed it's investigating the companies behind a failed residential property development on Auckland's North Shore.
The development companies include Albany Heights Villas Ltd and Hunter Gills Road Ltd, both of which
went into liquidation without the project being completed. The land has since been sold on.
The SFO says the investigation involves allegations that some investors' funds were not held in trust as they had believed they would be, as well as allegations of misleading statements by the developers.
Acting chief executive Simon McArley says many of the investors live outside New Zealand and the terms of the agreements differ between investors. He says the legal structures of the investments offered are extremely complex.
