Maeby jailed for $25 million over ‘staged’ development

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The Federal Court has handed down a $25-million verdict for developer Maebik Maebik over a failed real estate development in the Sydney suburb of Northbridge.

The Federal Court on Thursday found Maebic, the Sydney-based developer behind the $250-million Northbridge Development, guilty of $50 million in breach of contract.

The court found the development was part of a plan to stage a “staged” residential development and that Mr Maebis “failed to disclose that he intended to stage the development in a manner that would reasonably result in the loss of his or her position”.

Mr Maebiks lawyer Michael Nalbandian argued the development would have “severely damaged” the value of the land and would have resulted in the eviction of hundreds of residents.

He said the development had been “unlawfully delayed” for years and had a “significant impact on the value and quality of the development”.

“The impact on property values will be far greater than anticipated and will be felt for decades to come,” he said.

“This development was an illegal and fraudulent conduct, the result of a deliberate decision by Mr Maebeis to delay the project, as a result of the failure of his conduct to disclose his intent to stage this project.”

Mr Maebes conduct is in direct contravention of the laws of Australia and New South Wales.

“The court also found the developer breached his obligations as an owner of the property.

The judge said he had been unable to establish that Mr Nalbaric had been negligent or had breached his duty of care in failing to inform the NSW Land Council of the project’s planning.

Mr Nalbardian told the court the NSW council had not received any information about the project prior to the NSW Planning Commission’s investigation.

He also said Mr Naltier had been charged with failing to provide information about his business activities and did not provide the required documents to the planning commission.

Mr Maecks lawyer, Mr Nalgie, said the court had ruled the development could not proceed without an apology from Mr Maesbik.”

It was a planned development and the developer intended to proceed with it,” he told the ABC.”

The court has found the project could proceed without this apology and the court has ordered an apology.

“We hope the courts will act in this matter and recognise the responsibility of the developer.”

Mr Nalgies case was adjourned until the end of March.



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