Sydney property developer Jean Nassif places several of his companies into receivership

An embattled Sydney property developer has been dealt a blow after he placed two of his companies into receivership.

Insolvency firm KordaMentha has been appointed as the receiver and manager of the firms run by Jean Nassif.

The companies are responsible for the giant Skyview apartment complex in Sydney’s north west. Tenants were initially barred from moving into the 900 unit block built by Mr Nassif in Castle Hill after signs of cracking were found in the complex’s basement.

It’s the latest twist in the Nassif family’s professional and business lives.

In 2019 Mr Nassif, who owns developers Toplace Group, filmed himself gifting his wife Nissering ‘Nissy’ Nassif a $480,000 yellow Lamborghini on Valentine’s Day.

Last year, he was arrested at his Sydney mansion and charged with two counts of common assault and attempted intimidation against his wife.

He pleaded not guilty. The assault charges were later withdrawn when Ms Nassif failed to turn up to court.

Mr Nassif is also involved in a defamation action against 2GB radio host Ray Hadley claiming the broadcaster falsely painted him as “disgracefully incompetent and dishonest”.

Earlier this month, Mr Nassif’s daughter Ashlyn was granted $2.6 million bail over an alleged $150 million fraud to fund one of Sydney’s biggest apartment projects.

That case is in relation to the Skyview apartments in Castle Hill.

Mr Nassif is listed as a director of both 51 OCHR and JKN Finance which are the owners and developers of the Skyview towers.

Receivers appointed

Korda Mentha has now been appointed to manage Skyview. The firm is a specialist in restructuring companies.

“The Castle Hill project is partially completed, with two of its residential towers occupied and three towers still under construction,” KordaMentha said in a statement seen by the ABC.

“The receivers advised work will cease at Castle Hill, while the site is secured, to ensure it is safe.

“They will work with creditors and stakeholders to determine a strategy to enable construction of the remaining three towers as expeditiously as possible,” the receivers said.

Toplace, which is the builder of Skyview, is not under receivership.

‘Extensive signs of cracking’

In June 2021, the New South Wales Building Commissioner refused to issue an occupation certificate for Skyview after “extensive signs of cracking” were found in the basement.

Basement slabs were “not constructed in accordance with the approved structural engineers approved plans” and key components were missing.

That prevented anyone from moving in, even those who had purchased their apartment.

In July 2021, the NSW Building Commissioner removed its prohibition order after remediation work was undertaken and Toplace agreed to be liable for any structural issues for 20 years.

It was the first time a developer had agreed to such longstanding conditions.

In December Mr Nassif was suspended from holding a building licence for 10 years and the building licence of Toplace was permanently revoked.

An investigation by the NSW Department of Fair Trading found multiple defects at the Skyview apartment complex as well as another in Castle Hill and a building in Canterbury in Sydney’s south west.

In January, Mr Nassif was successful in having the bans reviewed meaning he and his company can continue to operate while the review takes place.

Daughter’s legal woes

His daughter Ashlyn Nassif’s legal woes continue. In February, she was charged with fraud.

Earlier this month, Sydney’s Downing Centre Local Court heard the 28-year-old lawyer, allegedly dishonestly obtained an “incredibly substantial” amount of money and falsified documents in relation to the construction of the Skyview apartments.

Reading from police facts, Magistrate Greg Grogan said on December 8, 2021, Ms Nassif submitted fake contracts to meet a $10.5m pre-sale condition for the block.

Subsequently, it is alleged she dishonestly obtained a $150 million loan to fund the projects.

Magistrate Grogan said the allegations were “extremely serious” given Ms Nassif was in the position of a legal practitioner in the NSW Supreme Court, the large amount of money involved and the fact it “seems to be part of a sophisticated and planned situation”.

Ms Nassif, who is a partner in her family’s law firm EA Legal, was granted bail after police prosecutor Kerry-Ann McKinnon did not oppose defence lawyer Greg Stanton’s application and her family posted $2.6 million for her release.

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Under her bail conditions, Ms Nassif must not contact 24 people including her father.

There is no suggestion that EA Legal or Mr Nassif were involved in the alleged offences.

Ms Nassif has not entered pleas to the two charges of dishonestly obtaining a financial advantage by deception and publishing false or misleading material to obtain an advantage. There are no Law Society proceedings against her.

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