Tua Court Case Update
Posted: 24 May 2005, 06:30
http://tvnz.co.nz
Boxer David Tua has lost the first round of a battle to prove he is the sole owner of a prime beachside property north of Auckland.
The decision found that Tua was unsuccessful in proving that a 51 hectare Pakiri beach property bought by Tuaman Inc was his and his alone.
Tua's former trainer Kevin Barry and former promoter Martin Pugh claimed they had a share in the Pakiri property, and the pair are claiming Friday's High Court decision as a victory.
Barry is taking great heart from the high court decision, even though it does not say he and Pugh own a quarter each of Tuaman Inc's assets as they claim they do.
"My reputation has been severely tarnished in the past two years, and I am very very bitter and very hurt by that," says Barry.I believe that this result goes somewhere toward getting that back."
The $7.5 million chunk of real estate remains a frozen asset; but Pugh says that is not fazing him.
"Well, first I've got to get this smirk off my face, and it's pretty big," says Pugh.
"We were always confident we were going to get the right answer - they put in non-factual nonsense," he says.
There had been no comment from the Tua camp on Friday night.
The decision is the first result from what will be a long series of legal proceedings to determine just who owns the assets.
And just 45 minutes ago
Tua agrees to sell beach property
the latest development in the protracted legal battle with David Tua's former managers, the prize-fighter has agreed to sell a beachfront property.
The land on the Pakiri beachfront north of Auckland was last valued at around $15 million and lies at the heart of the legal wrangle.
Tua claims he alone owns the property, while his former trainer and manager say they own a quarter each.
The boxer has also agreed to sell other assets, with all proceeds held in trust until there is a final legal settlement.