John Edward Clancy recently ceased his role as director of Renovation Masters Auckland Ltd and Future Proof Building Ltd on 12 June 2015 and 15 June 2015, respectively, according to documents filed on these dates with the Companies Office. Two other documents show that Clancy appointed Riani Suhandi as a director of both companies on 1 May 2015. Suhandi signed the Consent and certificate of director for both companies on 11 June 2015 and since Clancy’s removal from both, has remained the sole director of both. These are the first companies Suhandi has ever been director of and Suhanhi has never owned shares in a NZ registered company. The residential address of Suhandi is recorded on incorporation documents as Flat 18, 126 Nursery Road Linwood Christchurch 8011.
Both of the Director Consent forms signed by Suhandi and uploaded on 12 June 2015, state at the bottom: “Completed By: John Edward CLANCY 87 Byron Street Sydenham Christchurch 8023 NZ.” This is NOT a residential address and Clancy has never resided here for the property is in a strictly a commercial-business zoned district.
The last Annual Return filed for Renovation Masters Auckland was on 4 March 2015 and it records the residential address of John Edward Clancy as 91 Kingsley Street, Sydenham, Christchurch, 8023, New Zealand. This too is not a residential address. It is a commercial-business zoned unit and Clancy has never resided at this address.
Renovation Masters Auckland is one of five companies 100% jointly-owned by (a) a family trust of which John and his wife Youngmee Clancy are trustees, and (b) the trustee company directed by Richard Somerville – Clancy Trustee Company Ltd.
The most recent Annual Return filed by Somerville for Future Proof Building was on 1 August 2014 and it records the residential address of John Edward Clancy as 64 Khyber Pass Road, Grafton, Auckland, 1023 , New Zealand This is not a residential address. It is the office address, located in a commercial-business zoned area, of Clancy’s accountant – Richard Townsend Somerville of Walker Townsend Ltd
Future Proof Building is one of 17 companies 100% jointly owned by (a) FJ40 Trust – of which John Edward Clancy is the sole trustee, and (b) a trustee service company directed by Richard Somerville – FJ40 Trustees Ltd.
On 7 July 2015 the Christchurch Press reported:
“Property records show [John Edward] Clancy and his trustee company, FJ40 Trustees Ltd, bought a 2 hectare lifestyle property in Clarkville in North Canterbury last year for $847,000. It is on the market.”
The Press did not state the address but the Society has determined that it is: 245 Heywards Rd, Clarkville, Kaiapoi, 7629 (confirmed by Waimakariri City Council and other sources).
This 5 bedroom and two bathroom 270 sq. m dwelling and property is currently being marketed by Ray White Real Estate and has an advertised R.V. of $830,000.
See: http://www.trademe.co.nz/property/residential-property-for-sale/auction-878390682.htm [Listed 24/04/15]
This property is currently being used by John Edward Clancy on documentation he has supplied to the Companies Office, as:
(1) the registered office and address for service for VU Holdings Ltd which John Edward Clancy incorporated on 6 May 2015 and which according to Companies Office records is 50% owned by “FUBA Trust“. However, a Trust itself cannot by law own (or hold) shares. It is only the Trustees of the Trust who can hold the shares on behalf of the Trust’s beneficiaries and each and every one of the trustee(s) must be named (full legal name and residential address).
(2) The shareholder owner address for “FUBA Trust”, which according to Companies Office records owns 50% of VU Holding Ltd, is not given. The “FUBA Trustees” are linked to the Kaiapoi address.
(3) the registered office and address for service for BBK Developments Ltd. These are expressed on the Companies Office website as “Youngmee Kim, 245 Heywards Road, Rd 2, Kaiapoi, 7692 , New Zealand.” [Youngme Kim is the Korean name of John Edward Clancy’s wife].
Canterbury TV covered a story on its News programme on 7 July 2015 fronted by reporter Chelsea Daniels. Two creditors of companies directed by John Edward Clancy were interviewed in depth. One contrador who had had a ‘pitched battle’ with Clancy to get from him money he was owed, stated that Clancy eventually paid his debts to him out of “a Trust account”.
It would appear that this is illegal. Housing New Zealand paid government (sourced from tax payers) money directly and regularly to companies directed by Clancy in order to fund them to complete parts of the Christchurch earthquake rebuild programme. It would appear that money that should have gone to contractors and subcontractors from these companies, was instead somehow diverted to one or more of Clancy’s trusts, with creditors of the Clancy-directed companies being none the wiser. FJ40 Trust for example appears to have ‘acquired’ sufficient capital to acquire a $870,000 property in Kaiapoi, North Canterbury in late 2014 as well as eventually repay as least one creditor of a Clancy-directed company owned by one of the trusts (as reported on CTV).