Wednesday, August 12, 2009

Aussie vs Aussie over Dubai Waterfront deal

Dubai real estate is getting coverage in the Australian media again. This time it's the story that a claim has been lodged in the Federal Court in Brisbane over an alleged con relating to land on The Waterfront project.

It's Aussies versus Aussies in this one.

Sunland, a company backed by the Packer family, one of Australia's richest and most powerful families, says that two Australians 'conspired to defraud the company'.

There's old school tie stuff involved too, the two defendants, Matt Joyce and Angus Reed,having been at one of Melbourne's best schools together.

Matt Joyce, who was managing director of Nakheel's Dubai Waterfront project, has been in jail since the beginning of the year and was recently charged after a corruption investigation. Mr Reed is in Melbourne, a fugative according to Dubai authorities.

The claim is that the pair hid their friendship from Sunland and misled them into believing that Reed's company owned a particular block of land on The Waterfront project. Sunland payed Reed's company over A$14 million for 'releasing' the land but were later told by the Emirates audit office that Mr Reed had never purchased the property in question, and there had been no reason why Sunland could not have purchased the property in their own right.

It's a complicated plot and if you're interested you can read about it in Sydney Morning Herald and The Australian.

1 comment:

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