Property promoter Cameron Donald-Oates emerges as debt-free Hong Kong high flier

The former Sydney property promoter Cameron Donald-Oates, who was removed from the BRW Young Rich List due to bankruptcy in 2006, has emerged debt-free as a well-established Hong Kong property consultant with membership of the Hong Kong Jockey Club, and is reputedly residing in an impressive apartment at The Peak.

His new lifestyle was revealed after he commenced NSW Supreme Court legal proceedings against his sister, Megan, over family trust property asset distribution involving Double Bay property.

Justice John Bryson described the preliminary hearing as “very unfortunate litigation relating to dealings with family property between persons who are closely related”.

“Before they take the case to hearing the parties would be wise to consider whether any compromise can be reached.

“There is a risk that the costs will be disproportionate to the value in dispute,” Bryson warned.

Donald-Oates is best remembered for the scuffle caught on camera between A Current Affair reporter Ben Fordham and one of Donald-Oates’ associates, which Fordham credits as one of his career highlights. His exclusive expose of former Sydney property high-flyer, also known as Cameron Donald, led to national media coverage after Fordham was physically attacked while pursuing the Sydney businessman.

Donald-Oates told the court earlier this month via affidavit that he was in Hong Kong on an investment visa. The court heard that Donald-Oates had been there about five years. 

According to the 2005 notice of bankruptcy obtained by The Daily Telegraph, Cameron William Donald-Oates had been declared bankrupt on November 15, 2005, owing creditors more than $10 million.

Donald-Oates became bankrupt in November 2005 on his own application, with A. H. J. Wily appointed trustee in bankruptcy. Wily executed a deed of release in June 2006 after Donald-Oates’ sister and the family trust company paid significant sums to secure the release. The bankruptcy was annulled in October 2008 pursuant to the Bankruptcy Act 1966 (Cth) s 74(5).

The then 35-year-old former advertising executive had been previously featured as one of Sydney’s young entrepreneurs. At the time he drove a blue, twin-turbo Bentley Azure, had just paid the deposit for an $8 million mansion in Darling Point and was in the process of purchasing a $12 million eight-seater jet.

“But money doesn’t make the man,” he said at the time.

Now Donald-Oates advises: “I have no debt whatsoever.” He made this statement to Bryson earlier this month, seeking to avoid having to lodge any legal costs security for the court case in which he’s being represented by David Pritchard SC and Nicholas Kidd, who were briefed by Levitt Robinson Solicitors.

“In order to maintain my status on an investment visa, I am currently required to maintain US$1 million in cash or assets available in Hong Kong at any one time,” his affidavit read.

“If I do not, I would be in breach of my investment visa and risk my status,” he said.

His visa is audited every two years with his next audit in January 2012.

He stressed there were no judgments outstanding against him nor were there any court cases of any kind pending against him.

But he could seemingly also produce a recent bank statement from HSBC Banking in Hong Kong that showed a credit balance of HKD$1,649,482.44 (AUDS$211,040.88), a credit balance of US$200,004.47 and other small balances, three in other currencies.

“Without attempting precision this indicates bank deposits worth in the order of AUD$400,000,” the judge noted.

“I infer that apart from the bank deposits he does not have significant assets available in Hong Kong.

“Extracts from the plaintiff’s Australian passport include an employment visa with permission to remain in Hong Kong until 4 January 2012.

“Evidence shows that the plaintiff is established in business in Hong Kong, has been present there for at least five years, his presence there depends on obtaining visas from time to time, and his assets there are principally bank deposits of significant value, but readily transmissible to other places.

“Bank deposits are not reliable means of enforcing judgments because they are readily transmissible.

His sister has in recent years also been resident in Hong Kong, having been employed as JP Morgan’s head of marketing and communications. The siblings were close, as she provided him accommodation on his arrival after his 2005 bankruptcy.

The judge was asked to rule on security for costs.

“He is an Australian citizen and went to live in Hong Kong after taking advantage of the bankruptcy law here,” Bryson noted.

“He does not claim to own real property, and his assets in Hong Kong of which evidence speaks, while quite sufficient to give comfort to any potential costs order, are highly mobile bank accounts.

“In my judgment the defendant would not be adequately protected for enforcement of a costs order outside Australia by merely being provided with funds to register judgment in Hong Kong.

“In the plaintiff’s circumstances, the defendant can only be protected by ordering a substantial sum as security.”

There was an order that Donald-Oates provide security for $35,000 be given within 14 days and that security for a further $35,000 be given within 14 days after the date is appointed for hearing these proceedings.

During the property boom soon after 2000 Donald-Oates would take prospective property buyers on his private plane to Queensland to buy investment property at the Coral Cove Resort, near Bundaberg.

Donald-Oates also briefly bobbed up in the United Arab Emirates directing Emirates Property Partners Limited in 2008.

Donald-Oates solicitors sought and received alterations after legal representations.

This article first appeared on Property Observer.