$2 billion and counting: More headaches looming for fugitive developer Jean Nassif
Before the ICAC launched the investigation in early 2023, Nassif had been at the centre of a parliamentary inquiry linking him to alleged NSW Liberal Party branch stacking and impropriety at The Hills Shire Council.
'When branch-stacking activities are linked to collusion with developers, they are not merely a distortion of democratic processes, they could amount to serious corruption,' the parliamentary report found.
Some of those who avoided giving evidence at the parliamentary inquiry have since had their premises raided by ICAC, including the Melbourne home of Charles Perrottet, a former Liberal staffer and the brother of the former premier Dominic Perrottet. The latter is not accused of any wrongdoing.
Established in 2009, Toplace undertook large-scale residential and mixed-use developments. However, the buildings were riddled with defects and, in July 2023, the NSW Building Commissioner cancelled its licence. Administrators, who were appointed the same month, soon found they were dealing with what they said were myriad 'interrelated company loans, creditors, and payments from Bankstown to Beirut'.
Creditors were informed this week that Nassif's personal debt surges almost $2000 daily, with the amount he 'borrowed' from Toplace in suspect loans now exceeding $11 million.
The Toplace group is also facing claims of $152 million for defective building work.
The only good news for creditors is that the liquidators are looking at recovering about $58 million in potential legal action against contractors, insurers and other providers.
Two years before the warrant for his arrest was issued, Nassif was investigated by Strike Force Calool, established in April 2021 to examine financial irregularities and possible money laundering in his property empire.
In 2019, Nassif pleaded guilty to cocaine charges after the high-roller was caught with the prohibited drug on his way into Sydney's Star casino.
He was given an 18-month conditional release order and no conviction was recorded due to his good character.
The Herald has previously revealed that in 2021 Nassif allegedly supplied 10 kilograms of the drug ice and encrypted Ciphr phones to drug mules who were later arrested in Perth, according to court documents.
As Nassif remains in Lebanon, the case against daughter Ashlyn continues. She will next appear in court on July 16.
Also facing legal action is Nassif's ex-wife, Nissy, whose former lawyers are suing over unpaid fees. In 2019, a video went viral when Nassif filmed himself presenting Nissy, his second wife, with a Valentine's Day gift of a canary yellow Lamborghini worth almost half a million dollars. Nassif famously said, 'Congratulations, Mrs Nassif. You like?'
In May 2022, he was charged with assaulting her. The police statement of facts alleged she was 'scared for her life' and that Nassif had slapped her face and dragged her around their house. However, the matter was dismissed when she failed to attend, court claiming she was in Lebanon.
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