‘Bank pressured couple’
PA Wellington The former managing director of Cory-Wright and Salmon, Mr Robert Philpott and his wife, Helen, were pressured into signing documents guaranteeing $l2 million borrowed from N.Z.L Bank, according to evidence submitted in defence during a hearing in the High Court at Wellington on Thursday. Master Williams reserved his decision on an application for summary judgment made by N.Z.L Bank which is suing Mr and Mrs Philpott for $l4 million ($l2- million, plus interest).
The counsel for the bank, Mr Mark O’Brien, said the Philpotts effectively controlled. Minron Investments and Tatra Holdings and, thrbugh this group, held a large parcel of shares in C.W.S. C.W.S., an engineering firm, went into receivership in, March 1988. Before it did, N.Z.L lent a total of $l2 million to Minron and Tatra.
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Press, 18 March 1989, Page 15
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132‘Bank pressured couple’ Press, 18 March 1989, Page 15
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