16 Dec 2009
COMMISSIONER OF INLAND REVENUE V D E ALLEN AND ORS HC AK CIV 2007-404-001944
- Citation
- openlaw-b8fb7e24_390b_4ee7_a697_9e4084958f0f.pdf
- Court
- High Court
Court held on the balance of probabilities that: the $200,000 deposit paid by Palmer was a loan owed by the Trust to Palmer and was not repaid in full; the $1,932,340 used to settle the Whenuapai purchase should be treated as a joint advance by Allen and Palmer to the Trust (not a gift from Fortune Management); certain motorcycles transferred on Allen/Palmer instructions created indebtednesss of the Trust to the contributor(s); the retrospectively prepared signed accounts are not settled and must be re-opened and corrected; selected admissions to the Serious Fraud Office were admissible again…