Will Ha have the last laugh?

Real Estate tycoon Don Ha has promised "business as usual" despite his Ray White franchise Don Ha Real Estate being taken over by receivers Grant Thornton.

Tuesday, March 22nd 2011, 12:00AM

by Benn Bathgate

According to Ray White New Zealand CEO Carey Smith Grant Thornton, "now controls every aspect of Don Ha Real Estate."

Ha, whose fortune was estimated at $60 million in 2007 by National Business Review, said in a statement on his website, "without going into too many details it came to my attention recently that some of the management controls and reporting systems employed by Don Ha Real Estate weren't what they should have been."

He said the bank that put his company into receivership did not have a full understanding of his position and that receivership could have been avoided if communication had taken place before.

He said he remained confident "the situation will be cleared up" and that he would work with receivers.

Ha said agents were being paid, vendors continue to list properties and that it was "business as usual."

"I am extremely positive about the future of Don Ha Real Estate and anyone who knows me will feel the same."

Smith said Grant Thornton had initially requested Ray White's support in the receivership process, but later the company had decided to remove itself.

Smith originally said Ray White would play a role on the day-to-day running of Don Ha Real Estate with the intention of putting the business in a position where the assets and goodwill could be sold to a third party.

"Our original intention was to assist in the receivership process," Smith said.

"However, more information has since come to light, and we are now of the opinion that our involvement would not be advisable."

Benn Bathgate is a business reporter for ASSET and Good Returns, email story ideas to benn@goodreturns.co.nz

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