Australia’s Sunland Group To Appeal Fraud Ruling In DubaiMonday, June 11, 2012
Sources say, Sunland Group in Australia has disclosed its intention of appealing a civil case against a businessman who deceived it in a land transaction in Dubai. It declared that the land transaction cost US$ 14 m and the company has been allegedly deceived by a Melbourne based businessman. The firm has also declared that Angus Reed and Matthew Joyce fooled it and confiscated its multi-million dollar fee. The fee was charged for delivering a plot in some cancelled Dubai waterfront project of Nakheel.
The firm has also declared that the court has dismissed the case last week but it totally disagrees with the terms of the judgment. One of the spokesperson of Sunland Group also revealed that the firm would appeal against the decision.
Justice Clyde Croft said that the case was dismissed, since Sunland Group case failed in all respects. He also added that in order to get the Sunland’s corporate governance reviewed, he would forward the documents to the Australian Securities and Investment Commissions.
Sunland claimed that it paid a fee of US$ 14 m to the Reed’s Prudentia Investments while Reed said that Sunland was aware of the fact that he and his company at no time held enforceable right to land. Sunland has been also accused of filing a lawsuit to avoid bribery charges in Dubai against Reed and Joyce. Justice Croft also highlighted Sunland has failed to disclose that the firm and its CEO, David Brown, are under investigation for land purchase bribery. Sunland has also failed to prove that Brown is under house arrest in Dubai.
Sunland disclosed last year that it has an intention of disinvestment in Palazzo Versace hotel in Dubai. Enshaa, the joint partner in the project, also said that it would surrender its interest in the project and give full ownership to Sunland. In 2009, Sunland Group said that it had a plan of exiting Dubai after the completion of its projects.