{"id":42665,"date":"2023-03-28T07:41:22","date_gmt":"2023-03-27T18:41:22","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=42665"},"modified":"2023-03-28T07:41:22","modified_gmt":"2023-03-27T18:41:22","slug":"controversial-sydney-developer-of-defective-apartments-enters-receivership","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/controversial-sydney-developer-of-defective-apartments-enters-receivership\/","title":{"rendered":"Controversial Sydney developer of defective apartments enters receivership"},"content":{"rendered":"

PHOTO: Jean Nassif, with wife Nissering Nassif, has placed his property development companies into receivership. (image via Facebook)<\/strong><\/p>\n

REPUBLISHED WITH PERMISSION | API MAGAZINE<\/a><\/p>\n

Jean Nassif, the colourful and controversial property developer of Sydney’s Skyview apartments, which are known for their serious structural flaws, has placed two companies in receivership.<\/p>\n

A property developer known to tabloid readers for gifting his wife a $480,000 yellow Lamborghini sports car and to hundreds of disgruntled apartment owners for his connections to the defective Skyview apartment towers in Castle Hill, in Sydney\u2019s north-west.<\/p>\n

Two companies run by the embattled Jean Nassif, who is believed to now be living overseas, have been placed into receivership.<\/p>\n

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On Wednesday, advisory firm KordaMentha announced it had been appointed as the receivers and managers of 51 OCHR and JKN Finance, of which Mr Nassif is the director.<\/p>\n

The companies are listed as the owners of the 900-apartment Skyview towers.<\/p>\n

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Workers, subcontractors and clients face distressing losses totalling around $25 million following the collapse of yet another builder, this time PBS Building, which had 80 residential and commercial projects underway.<\/p>\n<\/div>\n

The apartments have been the focus of media attention and legal action since residents reported major structural issues, including a basement floor ceiling with fist-width cracks running their full length.<\/p>\n

The builder of the apartments, Toplace, and Mr Nassif subsequently had their building licences suspended.<\/p>\n

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A statement by the receivers said work on three remaining towers yet to be built had ceased.<\/p>\n

\u201cThe Castle Hill project is partially completed, with two of its residential towers occupied and three towers still under construction,” KordaMentha said.<\/p>\n

\u201cThe receivers advised work will cease at Castle Hill, while the site is secured, to ensure it is safe.<\/p>\n

\u201cThey will work with creditors and stakeholders to determine a strategy to enable construction of the remaining three towers as expeditiously as possible.\u201d<\/p>\n

Mr Nassif\u2019s building company Toplace is not in receivership. That company had struck an agreement in 2021 to be liable for reparations to Skyview for 20 years.<\/p>\n

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Nassif no stranger to controversy<\/h2>\n

Controversy has followed Mr Nassif and his family in recent years.<\/p>\n

His daughter, Ashlyn Nassif, 27, was charged and released on bail in February in relation to falsified documents relating to construction of the Skyview apartments. Ms Nassif is accused of having dishonestly obtained a $150m loan from Westpac to fund the development by allegedly falsifying a $10.5m pre-condition.<\/p>\n

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The Guardian<\/em>\u00a0has reported that Mr Nassif and Toplace are the focus of a New South Wales parliamentary committee into allegations of impropriety against Liberal party councillors on the Hills Shire in north-west Sydney.<\/p>\n

Mr Nassif has declined to appear before the probe and has variously been reported as being in Lebanon and the Philippines, but he has denied any wrongdoing in the matter.<\/p>\n

He has also been charged with assault of his wife but the case was withdrawn when wife Nissering Nassif failed to turn up at court. A defamation case against a prominent radio personality has also kept his legal team busy.<\/p>\n

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