Latest news with #Dyldam
The Age
3 days ago
- Business
- The Age
‘Remon, that is illegal': Controversial Sydney developer accused of fraudulent rent scheme
Controversial property developer Remon Fayad is alleged to have engaged in 'serious wrongful conduct', after a court heard he'd tried to organise a fraudulent deal to have a tenant inflate a rental agreement so that Fayad could get a better sale price for the business premises. 'Remon, that is illegal,' said his tenant, Charles Assaf, who runs the childcare business Montessori Academy, the NSW Supreme Court has heard. Only months before he jetted off for his multimillion-dollar wedding extravaganza in Florence last July, Fayad, 37, was in a precarious financial position facing bankruptcy proceedings against him and his older brother, Fayad Lee Fayad, over combined tax debts of more than $20 million. Both Fayads are former executives of the family development company Dyldam, which collapsed in 2020. Their father Sam Fayad has the unfortunate record of having the largest bankruptcy in the nation, with personal debts of $2.8 billion. Despite being bankrupt, Sam Fayad and his wife Maria flew first-class to Italy to enjoy their son's four-day wedding festivities, with the flower decorations alone costing more than $500,000. In a Supreme Court judgment handed down last week, Justice Ian Pike ruled that Remon Fayad wrongfully terminated the lease of a Montessori childcare centre in Thallon Street, Carlingford, only weeks after negotiations for Assaf's company, Montessori Academy, to buy the premises broke down. In late 2020, the Montessori childcare centre agreed to lease the ground floor of the Dyldam-related development The Somerset, a largely residential development. The 10-year lease was for $216,000 per annum, which was to increase by 3 per cent annually. There was also an option to renew for two further 10-year periods. The Dyldam-related company that developed the Thallon Street site, C88 Project, followed a well-worn Dyldam pattern in which associated companies, having completed the development and having paid Dyldam handsomely for construction services, then collapse, owing creditors, including contractors and the ATO, millions of dollars.
Sydney Morning Herald
3 days ago
- Business
- Sydney Morning Herald
‘Remon, that is illegal': Controversial Sydney developer accused of fraudulent rent scheme
Controversial property developer Remon Fayad is alleged to have engaged in 'serious wrongful conduct', after a court heard he'd tried to organise a fraudulent deal to have a tenant inflate a rental agreement so that Fayad could get a better sale price for the business premises. 'Remon, that is illegal,' said his tenant, Charles Assaf, who runs the childcare business Montessori Academy, the NSW Supreme Court has heard. Only months before he jetted off for his multimillion-dollar wedding extravaganza in Florence last July, Fayad, 37, was in a precarious financial position facing bankruptcy proceedings against him and his older brother, Fayad Lee Fayad, over combined tax debts of more than $20 million. Both Fayads are former executives of the family development company Dyldam, which collapsed in 2020. Their father Sam Fayad has the unfortunate record of having the largest bankruptcy in the nation, with personal debts of $2.8 billion. Despite being bankrupt, Sam Fayad and his wife Maria flew first-class to Italy to enjoy their son's four-day wedding festivities, with the flower decorations alone costing more than $500,000. In a Supreme Court judgment handed down last week, Justice Ian Pike ruled that Remon Fayad wrongfully terminated the lease of a Montessori childcare centre in Thallon Street, Carlingford, only weeks after negotiations for Assaf's company, Montessori Academy, to buy the premises broke down. In late 2020, the Montessori childcare centre agreed to lease the ground floor of the Dyldam-related development The Somerset, a largely residential development. The 10-year lease was for $216,000 per annum, which was to increase by 3 per cent annually. There was also an option to renew for two further 10-year periods. The Dyldam-related company that developed the Thallon Street site, C88 Project, followed a well-worn Dyldam pattern in which associated companies, having completed the development and having paid Dyldam handsomely for construction services, then collapse, owing creditors, including contractors and the ATO, millions of dollars.
