Hunt assets to stay frozen

Press, 31 March 1980, Page 12

Hunt assets to stay frozen

PA Auckland The New Zealand- assets of the American millionaire, Mr Nelson Bunker Hunt will remain frozen. The assets include a stud farm in Waikato, expensive bloodstock, farm equipment, and bank accounts. The order freezing Mr Hunt’s assets was made by-.-Mr Justice Barker in the Supreme Court at :Auckland last October 11 after, extensive litigation between British Petroleum Company (Libya), Ltd. and Mr Hunt as a result of the -nationalisation of western oil operations in Libya about seyen- years agq.. BP ■ claimed 'that Mr Hunti.hacl not honoured an agreement made between the two’parties.T In March, 1979, the British High Court gave a judgment in favour of BP amounting to the equiva* lent of just under SNZ34 million.

As part of action by BP to enforce the judgment in /< countries where Mr Hunt - has assets, it was regis- ..- tered in New Zealand on .October 10. It has also been registered in several \ Australian states. BP then obtained the order from ■ the New Zealand Supreme Court freezing Mr Hunt’s ? assets in New Zealand. 5 Last December the order was partly lifted to allow Mr Hunt’s stud farm to run effectively and in particular to allow the sale of his yearlings at the Trein . tham Yearling Sales in ' January, 1980. Last month Mr Hunt applied for orders "un- • freezing”: his New 7 Zealand assets and setting aside registration of the British judgment in New Zealand. 7 But.Mr Justice Barker has rejected both applications, saying that New Zealand courts have jurisdiction in the matter.