The Du Val Mess Sees Lawyer Leave Firm
Owen Culliney has quit the firm he cofounded following the messy collapse of client the Du Val Property Group, a saga that has garnered the attention of lawyers, regulators, and investors alike.
A co-founder of Hamilton-based law firm iCLAW, after establishing a significant reputation for his intellectual property and real property work at James & Wells prior to co-founding iCLAW.
>> Your next law job – Check the LawFuel Network
He became a director of Du Val’s property empire, including numerous Du Val townhouse development companies, but there have been issues involving about governance, compliance, and professional integrity.
iCLAW: A Law Firm with Bite
Culliney helped launch iCLAW Culliney Partners in 2017 alongside Aasha Foley, a NZ Lawyer ‘Rising Star’.
The firm branded itself as bold and unconventional, with a tagline that promised clients “a firm with claws.”
Culliney’s resignation has seen his shares transferred to Aasha Foley and Sam Douglas. The firm said his shares in the company were ‘vacated’, a term that fails to indicate whether they were sold, transferred for no consideration or otherwise.
iCLAW focused on corporate and commercial property law, catering to industries ranging from biotech to real estate development. It also built international alliances with firms in London, Asia, and the U.S., positioning itself as a forward-thinking player in the legal market.
But the firm’s reputation has been tarnished by its links to Du Val Property Group. Reports suggest iCLAW’s trust account facilitated tens of millions of dollars in transactions for entities flagged as high-risk for money laundering.
Transfers were made through a now-deregistered financial services company in Hamilton, Worldclear.
The receivers reported in August that iCLAW held around $12.6 million in its trust account for Du Val construction retentions, remediation escrow, and deposits from property purchasers.
Du Val House of Cards
Du Val Property Group was once an ambitious player in New Zealand’s property development sector, led by Charlotte and Kenyon Clarke.
The group promised everything from development funding to facilities management but ultimately collapsed under the weight of financial irregularities. Statutory managers PwC estimate Du Val owes $237.6 million—a staggering figure that has left creditors scrambling.
Culliney was deeply involved as a director of multiple Du Val entities until resigning from 22 directorships last August.
His departure coincided with raids by the Financial Markets Authority (FMA) on his home and business, as well as on the Clarkes’ Auckland residence. Allegations have surfaced that iCLAW’s trust account was used for offshore transactions linked to deregistered financial services companies raising serious questions about compliance with anti-money laundering laws.
Luxury Home Drama
Adding to the intrigue is Culliney’s failed attempt to sell his luxury Tamahere home, part-owned by Culliney. The five-bedroom property with a heated pool and cherry tree-lined drivewaywas passed in at auction last October despite its $2.19 million RV.
