Sunland Group

Sunland Group Limited
Public company
Traded as ASX: SDG
Industry Property development
Founded 1983
Founder Soheil Abedian
Headquarters Brisbane, Australia
Key people
 Shane Wilson, Managing director
Website Sunland Group Limited

Sunland Group Limited (ASX: SDG) is an Australian development company headquartered in South East Queensland, Australia. The company was founded in 1983 by Iranian Australian businessman Soheil Abedian with the creation of the tallest residential over commercial building in the Southern hemisphere.

Developments

Sunland has built Palazzo Versace a six star hotel, Q1 once the world's tallest residential tower,[1] Yve and Balancia.

Planned developments in Brisbane include Abian near the City Botanic Gardens and Grace on Coronation a three tower project at the site of the former ABC studios at Toowong.[1]

History

In 2009, Australian businessmen Marcus Lee and Matthew Joyce were accused of fraud by Sunland in relation to a property deal in Dubai.[2] Joyce and Lee were held in detention for over four years.[3] In June 2012, Sunland lost a civil case in a Victorian court regarding the Dubai property deal. The judge said that Sunland's position had "failed in all respects" and found that Sunland had failed to make proper disclosures.[4] An appeal to this decision in 2013 failed and found that Sunland should not have been pursuing parallel proceedings in both Victoria and Dubai.[5] In May 2013, Matthew Joyce and Angus Reed were found guilty of defrauding Sunland in Dubai.[6] However on Sunday 10 November 2013 the case was overturned by the Dubai court and Joyce, Lee and Reed were acquitted.[7]

Sunland proceeded with an appeal in Victoria. In September 2013, the Supreme Court in Melbourne awarded costs against Sunland, and its chairman Abedian the case. The trial judge said Sunland had run the case "for ulterior motive or in wilful disregard of the facts or clearly established law" and slammed the credibility of Sunland's witnesses, Sunland executive David Brown and chairman Soheil Abedian.[8] In December 2013, Sunland was ordered to pay $6.7 million in legal fees to Matthew Joyce and Angus Reed.[9]

See also

References

  1. 1 2 Daryl Passmore (9 September 2014). "Sunland property group founder Soheil Abedian and his family return to Queensland's Top 150 Rich List, only in the Sunday Mail". The Courier-Mail. Retrieved 16 September 2014.
  2. ↑ "Marcus Lee, acquitted of fraud charges over Sunland property deal, given all-clear to leave Dubai". ABC News. 18 January 2014. Archived from the original on 14 September 2014. Retrieved 20 September 2014.
  3. ↑ "Australian man Matthew Joyce convicted in Dubai over property deal calls on Sunland to 'undo monstrous injustice'". ABC News. 17 October 2013. Archived from the original on 10 September 2014. Retrieved 20 September 2014.
  4. ↑ Madeleine Heffernan (9 June 2012). "Dubai cloud darkens Sunland". The Sydney Morning Herald. Archived from the original on 30 May 2014. Retrieved 20 September 2014.
  5. ↑ Courtney Trenwith (11 September 2013). "Developer loses appeal in $14m Dubai property fraud case". ArabianBusiness.com. Arabian Business Publishing. Archived from the original on 23 September 2013. Retrieved 20 September 2014.
  6. ↑ Sarah Farnsworth (6 September 2013). "Sunland Group loses bid to pursue damages over controversial Dubai property deal". ABC News. Archived from the original on 5 September 2014. Retrieved 20 September 2014.
  7. ↑ "Australian execs win Dubai court fraud case appeal". Arabian Business. Archived from the original on 10 April 2017. Retrieved 10 April 2017.
  8. ↑ Wendy Carlisle (14 October 2013). "Sunland Group profits halved after failed legal bid against Dubai duo Matthew Joyce and Angus Reed". ABC News. Archived from the original on 14 September 2014. Retrieved 16 September 2014.
  9. ↑ Jenny Rogers (6 December 2013). "Sunland ordered to pay the $6.7 million legal fees of Matthew Joyce and Angus Reed after botched Dubai deal". The Gold Coast Bulletin. News Lmtd. Archived from the original on 12 May 2016. Retrieved 20 September 2014.
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