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But authorities say we may not get more precise details until mid-August, when a PricewaterhouseCoopers accounting team including John Fisk is due to release a preliminary report on the business.
The High Court has placed Du Val Capital Partners and other Du Val Group companies into interim receivership.
FMA officers and police attended the Clarke couple’s Remuera home this morning, with uniformed officers taking photos next to a vehicle with Du Val registration plates.
Du Val said the company, which was founded in 2013 and has more than 60 staff, had developed 774 homes in the Auckland market in the past six years alone, with a further 278 homes under construction.
The company said its business is a 360-degree model that includes design management, cost planning, consenting, early pre-contract engagement, tendering, procurement and construction.
Real estate developers is to show the Clarks “hitting New Zealand screens”. But so far, The long-awaited reality show never aired.
Spy Magazine, February Sound HeraldBritish-born Kenyon reportedly has more than 100,000 followers and is “notorious for his bombastic Instagram stories”.
Who are the people associated with Du Val?
Well-known real estate experts John Dalziel Has had a long and distinguished career in the field.
Duval’s website lists Dalzell as the company’s chairman and independent director. He worked for an Auckland Council entity on the $1 billion-plus Sea + City masterplan that led to the Wynyard Quarter development.
Kenyon Clark is a Director and Chairman of the Investment Committee. In his last position, he was responsible for reviewing and recommending new projects to the Du Val Board. He has also been bankrupt.
“During his career, he has been a principal in more than $1 billion of real estate and financing transactions,” Duval said.
He served as CEO from 2013 to 2023, when Charlotte took over. During his tenure as CEO, about 1,350 apartments were delivered, Duval said.
Kenyon’s profile mentions his four children with Charlotte and that he is a Blues supporter.
In 2021, amid a hot real estate market, Duval became the principal partner of the Blues Super Rugby team and the official partner of the Blues Super Rugby Opiki team.
The company said it had donated more than $70,000 to the Auckland Rescue Helicopter Trust and made donations to the Girls’ School and Auckland Hospice.
Clark appears again Declared bankrupt After the global financial crisis, 12 of his 27 companies went into bankruptcy.
He said he emerged from bankruptcy 13 years ago but admitted that Halifax Bank of Scotland claimed the money.
Dalzell said in 2021 that it was not uncommon for a developer to be declared bankrupt at some stage and that this would not be a barrier for him to join the industry.
lawyer Owen Carlini is a director and founding partner of iClaw, a law firm based in the Waikato and Bay of Plenty. His areas of expertise are mergers and acquisitions, corporate structures and large-scale property developments.
Charlotte Clark as CEO, having succeeded her husband in the role last November.
“Under Charlotte’s leadership, Duval continues to thrive, achieving new milestones and maintaining strong performance across all areas,” the company said. Her experience spans construction, property and facilities management, sales and marketing, and investments.
The company also operates the Duval Foundation, which it says has been supporting children and families in need since 2017.
How is Du Val developing?
The company’s website lists plans for apartments and townhouses.
Many high-density projects are built due to planning regulations and New government initiatives encourage.
Duval said the company is in the housing business and aims to provide quality and affordable housing.
Some are still in the planning stages, and some have already been completed.
- Lakewood Plaza is a 15-storey apartment building located in Manukau, close to the motorway on-ramp and off-ramp, with a total of 151 apartments. Water main breaks in 2021;
- Mountain Vista Estate, at 35-37 Walmsley Rd, Māngere. Du Val said there are more than 180 apartments, starting at $700,000;
- Verge Apartments, 64 Hillside Rd, Mt Wellington: listed as under construction, units from $699,000;
- Te Awa Terraces, 26-30 Ealsworth Rd, Māngere East: under construction, townhouses from $829,000;
- Sunnyvale Terraces, 9-11 Sunhill Rd, Sunnyvale: planned for construction, units starting at $855,000;
- Edmonton Mews, 64-67 Edmonton Rd, Henderson: Planned, units starting at $849,000;
- Rātā Terraces, 87 Tui Rd, Papatoetoe, completed project, townhouse rentals from $525 per week;
- The Hilltop, the apartments planned for Mount Wellington: Visuals show seven storeys, which have yet to be priced.
‘I got tired of giving money to builders over the years’
A subcontractor contacted The Herald Today he complained about not being paid and said he had lost money with Mainzeal and other builders.
He complained that after seven projects, Duval’s various businesses owed him about $500,000.
Most of it is retention money – money held by Du Val Construction until they deem it fair and reasonable to release the money to subcontractors.
“They had to pay 50% of the salary after the actual completion of the work, but they did not do so,” he complained.
The Duval companies he said owed him money included Duval Construction (recently renamed Blue River Holdings) and Trans-Tasman Pacific (a company ultimately managed by the Duval Group).
“Despite our repeated requests and lawyers’ letters, they have refused to disclose the amount and manner in which the funds are held, so we have no idea how the funds are safe,” he said.
The subcontractor has been involved in seven projects for Du Val in the past four years.
“We always get paid, but if you do $1 million worth of work and they take 10 percent retention, that’s $100,000, which is a huge amount for people like us, and the retention keeps growing,” he said.
He still wasn’t surprised by today’s move.
Du Val Change of Company Name
BusinessDesk reported on July 17 how 15 Du Val companies had changed their names.
Du Val Sales has been renamed Orange Pineapple, Du Val Developments is now Amble Valley and Du Val Acquisitions is Woodle. Other companies include Du Val Holdings (now Farham); Du Val Health (now Shrub Holdings); Du Val Fashion (now Diamond Box); Du Val PT (now Flipping Lids); and Du Val Wealth (now Coastway).
It is reported that on August 12, the Hamilton Supreme Court will hear an application filed by drywall and interior decoration company Global Linings to liquidate Blue River Holdings.
The FMA has taken action before
In October 2021, FMA Tell Du Val removed the mortgage fund ad because it gave the impression of being less risky. Kenyon Clark says The company raised $20 million by providing mortgages to wholesale investors, and no one complained.
Last March, The Herald Reported The Financial Markets Authority has warned residential developer Du Val Capital about misleading and deceptive representations to mortgage fund investors.
The court held that Du Val Capital Partners misled investors by suspending cash distributions from the fund and proposing to convert cash distributions into units of the fund (pending a potential public listing).
The FMA believes that investors may also have been misled about their rights under the moratorium.The warning is in response to communications in December 2022, when DVCP and Du Val Group contacted investors to inform them of plans to restructure the Du Val mortgage fund.
The FMA’s move today came as a surprise.
There was no announcement of a visit to the house or police involvement until about 10am when the Financial Markets Authority announced it was taking action against the businesses and the Clarks.
when Business Desk Kenyon Clarke rang the doorbell of a locked house in Remuera this morning and said: “See you later … let’s go.”
this The Herald Charlotte Clarke and Culliney have been contacted for comment.
Anne Gibson The Herald‘s real estate editor for 24 years, has written books, and has reported extensively on real estate issues both domestically and internationally.
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