Huljich family: Difference between revisions
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==Tech start-ups== |
==Tech start-ups== |
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In 2015 the Huljich cashed up some high-profile investments (notably, in biomedical company Pacific Edge and software maker Diligent Board Member Services) in favour of new New Zealand technology entities. Freed-up funds were invested in [[Tech startup company|tech start-ups]], including Results.com and mobile payments app developer, Pushpay, of which the Huljich family then controlled more than a quarter share. Huljich entity, Christopher & Banks Private Equity, |
In 2015 the Huljich cashed up some high-profile investments (notably, in biomedical company Pacific Edge and software maker Diligent Board Member Services) in favour of new New Zealand technology entities. Freed-up funds were invested in [[Tech startup company|tech start-ups]], including Results.com and mobile payments app developer, Pushpay, of which the Huljich family then controlled more than a quarter share. Huljich entity, Christopher & Banks Private Equity, has also purchased a 21.3% stake in the [[Crowdfunding|crowd funding]] and payment software company, Akumulate<ref name="Push">{{cite news | last = | first = | date =30 April 2015 | title =Huljich family investment | work =NBR | location =Auckland | url =http://www.nbr.co.nz/family-huljich | accessdate = 30 April 2015 }}</ref> and has lent Pushpay a substantial sum to fund its push into the United States growth plans, where it is marketing its products to religious and philanthropic groups.<ref name="">{{cite news | last =Metherell | first =Suzy | date =16 March 2015 | title =Huljich lends Pushpay $4m to fund US growth plans | work =NBR | location =Auckland | url =http://www.nbr.co.nz/article/huljich-loans-pushpay-4m-fund-us-growth-plans-bd-170130 | accessdate = 15 May 2015 }}</ref> |
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==See also== |
==See also== |
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Revision as of 22:12, 14 May 2015
The Huljich brothers: Christopher Peter "Chris" Huljich (born 1950), Paul Richard Huljich (born 1952) and Michael Huljich (born 1957) are Auckland manufacturers, merchants, entrepreneurs, rentiers[1] and philanthropists of Croatian descent.
Background
The Huljich brothers, sons of an Auckland restaurant proprietor turned urban developer, grew up in Auckland, and were educated at St Peter's College.
Business
The Huljich brothers founded a food manufacturing business, at first under the name Top Hat Bacon, in the 1980s[2] specialising in various pork products or small goods (e.g. processed meats bought from a delicatessen, such as bacon, sausages, pâté and salami). This enterprise grew into the Best Corporation (a major brand continued to be "Top Hat Bacon") which operated an important segment of the market in New Zealand and owned considerable assets in Australia.[3] In the late 1990s the three brothers sold Best Corporation to French food company Groupe Danone and also sold valuable Australian assets.[4]
Wealth
Following the sales, the Huljich family's wealth was estimated to be $70 million and the family was the seventh richest family on New Zealand.[5] In the late 1990s, Paul Huljich completed a modernist mansion of three floors in Auckland called "Wentworth", that cost almost $20 million. It was described as "perhaps the most expensive house built in New Zealand during the late twentieth century"[3] and as one of the biggest house built in New Zealand.[6] In 2010 and 2015 the Huljich family was reported to be worth about $125 million.[7][8]
Investing activities
In 2007 Huljich Wealth Management (NZ) Ltd was set up by Peter Huljich, son of Christopher Huljich (who has three other children including Jason and Rachel, a former beauty queen (Miss World New Zealand, 2002)).[9] This enterprise was supported by John Banks and former National Party leader and Reserve Bank Governor Don Brash, partly to manage the Huljich family's extensive investment portfolio. The company also established three KiwiSaver funds. In 2010, Peter Huljich admitted responsibility for "lapses" in investment practice when he topped up the company's KiwiSaver fund with money from Huljich family funds (he made two payments of $150,000 to cover poor investments) to show flattering performance figures. Christopher Huljich replaced his son as a director on the board of the company. In March 2011 Huljich Wealth Management sold its KiwiSaver business to Fisher Funds Management Limited.[10] and in December 2011, Peter Huljich and the company (now called HWM NZ Holdings) were convicted. Huljich was fined $112,500 and the company $239,000 (plus $95,000 to be paid to the prosecution for court costs).[11] Peter Huljich had rejoined HWM's board as the sole director in August 2011.[12]
Family discord
In 2014 it was reported that Elizabeth Huljich, the 84-year-old mother of the Huljich brothers, had filed an application in the High Court at Auckland for a summary judgment to force her son Christopher Huljich to repay a $264,000 mortgage registered over her St Heliers home. He defended the action. She said the action was commenced to resolve years of dispute. Her court affidavit stated that Christopher Huljich had approached her to borrow money in 2009, and that she had agreed to a $700,000 mortgage being raised over properties she owned, including her home. She said in her affidavit that her son received the proceeds and agreed to meet interest payments, but this year, when she requested that the loan be repaid, a $264,000 balance was left outstanding and he denied liability for the remainder. The mortgage dispute is the latest chapter of the long-running family dispute to hit the courts. The wrangle has seen the family split, with Mrs Huljich and Paul lined up against Michael, Christopher and Peter in a tussle for control of finances. Mrs Huljich said she felt Paul had been sidelined from the family business. The internal struggle resulted in Christopher being granted a High Court gagging order in 2012 preventing Paul from circulating a 50-page document outlining his grievances.[13] The action was set down for a half day's hearing in the High Court in April, 2015.[14]
Tech start-ups
In 2015 the Huljich cashed up some high-profile investments (notably, in biomedical company Pacific Edge and software maker Diligent Board Member Services) in favour of new New Zealand technology entities. Freed-up funds were invested in tech start-ups, including Results.com and mobile payments app developer, Pushpay, of which the Huljich family then controlled more than a quarter share. Huljich entity, Christopher & Banks Private Equity, has also purchased a 21.3% stake in the crowd funding and payment software company, Akumulate[8] and has lent Pushpay a substantial sum to fund its push into the United States growth plans, where it is marketing its products to religious and philanthropic groups.[15]
See also
- List of people educated at St Peter's College, Auckland
- Huljich Wealth Management (NZ) Ltd
- Paul Huljich
References
- ^ "An individual who receives an income, usually interest, rent, dividends, capital gains, or profits from his or her assets and investments".
- ^ The National Business Review, Rich List, Auckland, 2010, p. 45 (published as an annex to The National Business Review, 30 July 2010.)
- ^ a b Stevan Eldred-Grigg, The Rich: A New Zealand History, Penguin Books, Auckland, 1996, pp. 216 and 217
- ^ Fiona Rotherham, "Huljichs' Sydney bail-out signals return to bacon makin'", The Independent , 16 December 1998, Page 1.
- ^ Graeme Hunt, The Rich List: Wealth and Enterprise in New Zealand, 1820-2003, 2nd Edition, 2003, p. 243.
- ^ Graeme Hunt, The Rich List: Wealth and Enterprise in New Zealand, 1820-2003, 2nd Edition, 2003, p. 258ff.
- ^ Nick Churchouse, "Huljich steps down over KiwiSaver irregularities", The Dominion Post, 5 March 2010, Edition 2, Page 1.
- ^ a b "Huljich family investment". NBR. Auckland. 30 April 2015. Retrieved 30 April 2015.
- ^ Jamie Pandaram and Phil Han, "Oh brother, your Maserati's mashed", Sydney Morning Herald, 18 January 2007 (Retrieved 12 November 2014)
- ^ Fisher Funds website (retrieved 20 December 2011)
- ^ Hamish Fletcher, "Huljich fined for misleading KiwiSavers", New Zealand Herald, 20 December 2011 (retrieved 20 December 2011).
- ^ William Mace, "Huljich cops big fine over 'honest mistake' ", The Dominion Post, Wednesday, 21 December 2011, p. B6.
- ^ Rachel Glucina and Matt Nippert, "Rich-list money feud: Mother v son", The New Zealand Herald, 8 November 2014 (Retrieved 9 November 2014)
- ^ Fletcher, Hamish (2 December 2014). "Huljich family feud gets April High Court date". The New Zealand Herald. Auckland. Retrieved 30 April 2015.
- ^ Metherell, Suzy (16 March 2015). "Huljich lends Pushpay $4m to fund US growth plans". NBR. Auckland. Retrieved 15 May 2015.