Latest news with #Zenith
The Age
2 days ago
- Business
- The Age
Investors take property group to court in search of missing millions
Named the Zenith, it was an immaculate renovation of a historic home in one of Brisbane's best suburbs, Hamilton, and had sold for $10 million – but Lion had not distributed the majority of the money to the investors in that syndicate, the court has heard. Then it acknowledged it had made payments to some, but not all, investors in the project on a 'progressive' basis, it is alleged. Around this point, panic set in for many of Lion's customers. From his office on Melbourne's St Kilda Road, forensic accountant and financial planner Michael Landy is leading the charge to find out what happened, after being recruited by the investors involved in the legal case. Landy's forensic review of Lion's business, tendered as evidence in court in an affidavit from the investors' lawyers, has found a litany of problems. The lawyer's affidavit alleges that many of the syndicates did not own the development site directly, as investors were allegedly promised, and instead, a Lion entity owned the property. It was also alleged in the affidavit that Lion had taken the money out of most of the syndicates as 'loans' to its businesses without the investors' knowledge and without security. Worse still, land titles for the properties included as exhibits to the affidavit allegedly showed Lion had taken out millions of dollars of additional mortgages, in some cases up to three, over the development sites. Some of these new undisclosed mortgages allegedly had interest rates of up to 30 per cent a year. On top of this, Lion had then failed to repay some of the mortgages and the lender had taken possession of the property, it is alleged in the affidavit. Last week, one of those sites in Brighton was sold to new owners. Lion confirmed in response to this masthead's inquiries that another two properties had also been sold as mortgagee in possession. For some syndicates that meant that not only was the hope of any profit gone, but also there was now no longer a property to develop. In court in April, counsel for the investors, Justin Graham, KC, described Lion's projects as a Ponzi scheme. 'On examination of the defendant's business model and the materials they've so far denied to show us, the defendant's projects are being operated as a giant Ponzi scheme,' Graham said. 'It is riddled with conflicts, and money and assets are being used hither and thither for wherever it is needed in the group in order to stave off the most pressing creditors.' Shaun Newberry is also seeking answers about the fate of his wife's investment in one of Lion's syndicates. 'I just want accountability,' he says, adding that he is worried the scheme will go 'belly up' – a live prospect given Lion's own court admission of concerns around its solvency. Sader and Pesochinsky – both in their mid-40s – might not be big names in the property sector or in the financial planning industry, but the pair have fascinating backgrounds. Sader is a fan of American 1990s self-help guru Tony Robbins and a graduate of Australian life coach school the Coaching Institute. On his LinkedIn he describes himself as being a human behaviour specialist and certified practitioner of 'Deep State Repatterning' and of 'Neuro Linguistics Programming' – types of self-help psychotherapy to build self-esteem and influence. Sader brought the skills and drive to enliven a team of sales staff – including a bell he rang in the office for each new investor. Pesochinsky, a more reserved figure, had a long background in property investment and development via Full Circle Financial Services. Responding to this masthead's inquiries, Lion said it disputed that the investment and ownership structure of specific investments was not properly explained to investors. It also denied investors did not have security over the property. Instead, it claimed that investors were 'for the most part' purchasing shares in entities that owned the real estate – a claim that allegedly stands in contrast with the investor agreements and land titles included as evidence in the case. Lion said additional loans it took out for the developments were standard industry practice. 'The fact that external debt would be required to complete construction projects is detailed in feasibility studies that were provided to investors as part of the information memorandum for each project. A funding combination of equity and debt is required in the delivery of almost every property development.' Asked why Lion's bank accounts, provided to investors as a result of the court action, showed Lion had borrowed the money raised from investors to fund other projects and payments, Lion said: 'While there are inter-company loans, these have been made on commercial terms and in accordance with the processes, structure and procedures that the group adopts to complete projects.' A spokesman for the Australian Securities and Investments Commission said it was aware a report on the financial position of the Lion group was to be prepared by independent accountants. 'In line with our usual process, ASIC will continue to monitor the situation, and we will assess any new information that comes to our attention on this matter,' the spokesman said. A source close to the regulator, not permitted to speak on the record, confirmed it had investigated Lion in 2020 and the group agreed to change some of its investor material. ASIC also considered opening a new formal investigation earlier this year, but by that time it decided not to as the Supreme Court matter had begun, the source said. Meanwhile, investors nervously wait for the outcome of the accountants' report to the court and hope for the completion of its stalled projects. A Melbourne-based investor, who asked not to be named, says he first invested in the Eminence project in Camberwell in March 2020. He was told the project of four high-end townhouses would take 18 months to complete and Lion would pay late fees if the project ran over. More than five years later, he is still waiting for final completion of the project to get any return on his investment. Lion recently promised it would be finished by the end of September. 'I've often visited the project site after some favourable updates, and it was obvious from early on that there were issues,' the investor said. 'My main priority is to see all the investors who invested with Lion retrieve as close to their capital back as possible.'
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
Investors take property group to court in search of missing millions
Named the Zenith, it was an immaculate renovation of a historic home in one of Brisbane's best suburbs, Hamilton, and had sold for $10 million – but Lion had not distributed the majority of the money to the investors in that syndicate, the court has heard. Then it acknowledged it had made payments to some, but not all, investors in the project on a 'progressive' basis, it is alleged. Around this point, panic set in for many of Lion's customers. From his office on Melbourne's St Kilda Road, forensic accountant and financial planner Michael Landy is leading the charge to find out what happened, after being recruited by the investors involved in the legal case. Landy's forensic review of Lion's business, tendered as evidence in court in an affidavit from the investors' lawyers, has found a litany of problems. The lawyer's affidavit alleges that many of the syndicates did not own the development site directly, as investors were allegedly promised, and instead, a Lion entity owned the property. It was also alleged in the affidavit that Lion had taken the money out of most of the syndicates as 'loans' to its businesses without the investors' knowledge and without security. Worse still, land titles for the properties included as exhibits to the affidavit allegedly showed Lion had taken out millions of dollars of additional mortgages, in some cases up to three, over the development sites. Some of these new undisclosed mortgages allegedly had interest rates of up to 30 per cent a year. On top of this, Lion had then failed to repay some of the mortgages and the lender had taken possession of the property, it is alleged in the affidavit. Last week, one of those sites in Brighton was sold to new owners. Lion confirmed in response to this masthead's inquiries that another two properties had also been sold as mortgagee in possession. For some syndicates that meant that not only was the hope of any profit gone, but also there was now no longer a property to develop. In court in April, counsel for the investors, Justin Graham, KC, described Lion's projects as a Ponzi scheme. 'On examination of the defendant's business model and the materials they've so far denied to show us, the defendant's projects are being operated as a giant Ponzi scheme,' Graham said. 'It is riddled with conflicts, and money and assets are being used hither and thither for wherever it is needed in the group in order to stave off the most pressing creditors.' Shaun Newberry is also seeking answers about the fate of his wife's investment in one of Lion's syndicates. 'I just want accountability,' he says, adding that he is worried the scheme will go 'belly up' – a live prospect given Lion's own court admission of concerns around its solvency. Sader and Pesochinsky – both in their mid-40s – might not be big names in the property sector or in the financial planning industry, but the pair have fascinating backgrounds. Sader is a fan of American 1990s self-help guru Tony Robbins and a graduate of Australian life coach school the Coaching Institute. On his LinkedIn he describes himself as being a human behaviour specialist and certified practitioner of 'Deep State Repatterning' and of 'Neuro Linguistics Programming' – types of self-help psychotherapy to build self-esteem and influence. Sader brought the skills and drive to enliven a team of sales staff – including a bell he rang in the office for each new investor. Pesochinsky, a more reserved figure, had a long background in property investment and development via Full Circle Financial Services. Responding to this masthead's inquiries, Lion said it disputed that the investment and ownership structure of specific investments was not properly explained to investors. It also denied investors did not have security over the property. Instead, it claimed that investors were 'for the most part' purchasing shares in entities that owned the real estate – a claim that allegedly stands in contrast with the investor agreements and land titles included as evidence in the case. Lion said additional loans it took out for the developments were standard industry practice. 'The fact that external debt would be required to complete construction projects is detailed in feasibility studies that were provided to investors as part of the information memorandum for each project. A funding combination of equity and debt is required in the delivery of almost every property development.' Asked why Lion's bank accounts, provided to investors as a result of the court action, showed Lion had borrowed the money raised from investors to fund other projects and payments, Lion said: 'While there are inter-company loans, these have been made on commercial terms and in accordance with the processes, structure and procedures that the group adopts to complete projects.' A spokesman for the Australian Securities and Investments Commission said it was aware a report on the financial position of the Lion group was to be prepared by independent accountants. 'In line with our usual process, ASIC will continue to monitor the situation, and we will assess any new information that comes to our attention on this matter,' the spokesman said. A source close to the regulator, not permitted to speak on the record, confirmed it had investigated Lion in 2020 and the group agreed to change some of its investor material. ASIC also considered opening a new formal investigation earlier this year, but by that time it decided not to as the Supreme Court matter had begun, the source said. Meanwhile, investors nervously wait for the outcome of the accountants' report to the court and hope for the completion of its stalled projects. A Melbourne-based investor, who asked not to be named, says he first invested in the Eminence project in Camberwell in March 2020. He was told the project of four high-end townhouses would take 18 months to complete and Lion would pay late fees if the project ran over. More than five years later, he is still waiting for final completion of the project to get any return on his investment. Lion recently promised it would be finished by the end of September. 'I've often visited the project site after some favourable updates, and it was obvious from early on that there were issues,' the investor said. 'My main priority is to see all the investors who invested with Lion retrieve as close to their capital back as possible.'
Forbes
3 days ago
- Entertainment
- Forbes
Zenith Updates The Original Triple Calendar With A Lapis Lazuli Dial
Chronomaster Original Triple Calendar Lapis Lazuli Following its 2024 reintroduction, Zenith's Chronomaster Original Triple Calendar is now offered with a dial cut from natural lapis lazuli. It's a visually striking addition to the collection, combining deep blues and gold-toned pyrite speckles with the mechanical complexity of a full calendar chronograph. Striking blue dial The 38mm case remains true to the original A386 silhouette from 1969, with pump pushers, box-shaped sapphire crystal, and a well-balanced dial layout. Inside is the El Primero 3610, Zenith's latest high-frequency calibre, now with a 1/10th of a second chronograph. The chronograph hand makes a full sweep every 10 seconds, tracked on a silver-toned chapter ring, while the calendar functions are integrated across the dial with a moonphase display tucked inside the 60-minute totalizer at 6 o'clock. Sub-dial macro Each dial is unique due to the organic nature of the stone, but the overall layout remains consistent: silver-colored counters, day and month apertures at 11 and 2 o'clock, and a subtle date window at 4:30. The moonphase aperture adds to the celestial theme and rounds out the calendar complication. The watch comes mounted on a blue calfskin leather strap with a steel folding clasp, and also ships with a matching steel bracelet. At 14mm thick and 46mm lug-to-lug, the case proportions remain compact, with 5ATM of water resistance and a display back revealing the movement's star-shaped rotor and blue column wheel.
South China Morning Post
4 days ago
- Business
- South China Morning Post
How modern ceramic techniques are revolutionising high horology: Watches and Wonders 2025 showcased hardy new pieces from Audemars Piguet, Chopard, Chanel and IWC Schaffhausen
Scratch resistant, heat-resistant, non-corrosive – what's not to love about ceramics? Used by humankind for some 25,000 years – and by the watch industry since the 1970s – the material is now becoming a ubiquitous material for high horology, appearing on timepieces in a wide variety of textures, colours and finishes. Audemars Piguet and Chanel are among the brands releasing new-school ceramic pieces. An example from the latter is the J12 Bleu collection of nine watches in a deep blue, nearly black, hue. At Watches and Wonders 2025 , Zenith also jumped on the blue train for its 160th anniversary, releasing new versions of the Chronomaster Sport, Defy Skyline and Pilot Big Date Flyback in a striking bright blue ceramic. Advertisement Audemars Piguet's Royal Oak Offshore Blue Nuit Nuage 50. Photo: Handout 'The properties of ceramics are very interesting, and you can play a lot with colours. I think clients are searching for this,' says Zenith chief products officer Romain Marietta, adding that the brand's uniquely developed hue allowed for a consistent shade over the whole watch. Zirconium oxide is the chemical name of the ceramic commonly used in the watch industry. Previously, its application was either dull or extremely shiny, but newer tools for processing the material have created more possibilities. 'Our suppliers now have more experience in mastering the material itself,' says Marietta, adding that one complexity is that the material shrinks by 30 per cent during the sintering process involved in its manufacture. 'Now, with better precision tools and better understanding, ceramic bracelets are tighter as they can be machined with smaller tolerances.' Zenith's releases this year also proved the brand could reproduce the types of finishes normally seen on other materials with ceramic. 'Polished, satin, microblasted and sandblasted [finishes are now more possible]. This [hi-tech] material is also relatively accessible, so we can create great-looking watches at a very interesting price point,' Marietta continues. He adds that much of the work is done by hand, and suppliers have become better at hand finishing. Zenith Defy Skyline 160th Blue Ceramic. Photo: Handout It's important to note that while brands work with ceramics in their watches, no brand has its own in-house ceramic case making and bracelet facility. Five major suppliers are Bangerter, Ceramaret, Comadur, Dexel and Formatech. As befitting a brand seeking the latest technologies and innovations, Marietta is excited about the future of ceramics. 'We feel the appetite of clients for something different, something surprising. We are also working on other components that have never before been made in ceramic. In the end it is not simple to sell a ceramic watch, because a lot of people prefer traditional materials. But if you appreciate colour, technique and things that are different, ceramic is a very cool material.'
Vancouver Sun
24-05-2025
- Business
- Vancouver Sun
Anthony Gismondi: A visit to Martin's Lane Winery to taste their 2022 Pinot noirs
Martin's Lane Winery, one of the biggest success stories in Canadian wine, inconspicuously blends into the slopes of South Kelowna. To the untrained eye, it's a winery on a hillside. To the observant, you notice that the winery's roofline matches the angle of its sloping vineyards surrounding it. At the same time, the tasting area, offices and ancillary rooms run level with the lake line — think details. The winery's exterior, rusty orange and brown, matches the Ponderosa pine trees that dot the landscape. Inside, it is a marvel of simplicity and style. It has six levels that operate without a single pump and various vats to accommodate any single lot of fruit size that arrives at the winery. Discover the best of B.C.'s recipes, restaurants and wine. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of West Coast Table will soon be in your inbox. Please try again Interested in more newsletters? Browse here. It takes a lot of discipline to work organically in the vineyards and even more restraint to do less when the fruit gets to the winery. Winemaker Shane Munn and his team meticulously inspect each bunch at the crush pad, then follow a minimal intervention approach until bottling. It's the only way to express the winery's focus on single vineyards and blocks that tell the story of where they originate from, Northern Naramata to West and East Kelowna. I caught up with Munn last week to taste his 2022 Pinot noirs, a vintage that he and many other Okanagan winemakers are ecstatic about. It is the most significant harvest since the wildfire smoke in '23, and a devastating deep freeze in '24. But back to 2022. Munn says, 'It's nearly as perfect a vintage as I have worked. The fall saved the vintage, turning an average to good vintage, into a great vintage. It gave us quality, but it also gave us volume, which gave us a chance to break out some new single-block wines because every vineyard gave us multiple ferments for the first time.' We began with the Dehart Vineyard Pinot Noir from Kelowna, the most accessible in 2022. That said, Munn's pinots sit at or about 13 per cent alcohol and have an elegance and drinkability that makes them highly attractive. Next, we headed to the north end of the Naramata Bench, some 42 kilometres south of Dehart, to taste the three very different pinots. In all, seven blocks go into the Naramata Ranch label, while the two single-block offerings — Zenith and Hieroglyph — are bottle separately, reflecting a more classic Pinot style with some mineral undertones. The third vintage of Zenith, a marginal site and always the last picked of all the Pinot sites, is as unique a plot as there is in B.C. Munn used 100 per cent whole bunch fruit this year, pursuing a high level of perfume. Still, at just under 20 years old and organically certified since 2019, what really makes it unique is that the site influence has begun to overpower the clonal influence. Hieroglyph is an all-Pommard clone and the most Oregon-like of all the Martin's Lane labels. It has the tannin of the Dehart, albeit chalkier and more refined, and the vivid fruit pitches dark cherry and cranberry fruit reminiscent of the West Kelowna Fritzi's Pinot. Next up in East Kelowna are Simes Vineyard and the new single-block Transcendence. Simes is a fresher, cooler version of Pinot, reminiscent of a lower-alcohol version of Central Otago style. Transcendence is a single plot inside Simes planted at twice the surrounding density. The result is a huge Pinot Noir reminiscent of the power of some of Burgundy's top Pommards. We finished with Fritzi's Vineyard just off the road up to Mission Hill. It is named after owner Anthony von Mandl's mother and has consistently been the best wine of most vintages. The older vines power this wine beneath an elegant surface of rich, brooding fruit. It is all about the details. You will find extensive notes on all these wines at . While expensive, these wines attract high-end travellers to B.C., who spend a lot of money in the wine country. Sorry, Mr. Trump, but we do have something America needs. But you, like everybody else, will have to join the club to buy most of the Martin's Lane offerings. $26.99 I 88/100 UPC: 726452017136 We like the consistency this sparkler displays from year to year. It is an 85/15 mix of Glera and Pinot Noir, grown over rock and clay. The addition of bubbles via the secondary fermentation, or Charmat method, is completed in a stainless steel pressure tank for two months. The colour is an attractive pale pink. The bubbles are relatively fine for Prosecco, and the flavours are a pleasant mix of fruity wild berries and black cherries that finish fresh and just off-dry — sold by select private retailers only. $13.99 I 87/100 UPC: 6001506900355 This is a Sauvignon Blanc that focuses on the tropical side. The nose and palate mix passion fruit, guava and ripe pineapple, with a gentle swish of citrus and grass and a pleasant bump of residual sugar. Soft acidity invites you to chill it well and serve it on a warm patio all summer. It's the anti-New Zealand style at a giveaway price. We like it with any spicy dishes, especially sushi. $18.99 I 88/100 UPC: 628055147732 Pristine Sauvignon was grown in Washington State's Horse Heaven Hills AVA, Columbia Valley at McNary Vineyard. The rest is all Bartier. Fresh, precise, zippy, clean and the winery suggests you put a second bottle in the fridge. We like the subtle gooseberry, fresh-cut pears and green apples splashed with citrus. Goat cheese and a patio are all you need. Love the price. $21.49 I 88/100 UPC: 696852145374 Poplar Grove has created a much fresher, more interesting, zippy version of Washington Sauvignon Blanc than most American versions. It is palate-cleansing and food-friendly but without an aggressive acidity. The mix of pear and grapefruit with a dash of minerality lends a drinkability that will attract a crowd on a summer patio. $29.00 I 89/100 UPC: 696852189774 In Washington State's Yakima Valley, Den Hoed Vineyard is the source of this replacement wine made at Spearhead Winery, winner of the WineAlign 2024 National Winery of the Year award. The wine is clean and fresh with that Spearhead purity. Subtle gooseberry and passion fruit notes mix with grapefruit, lime zest, and some light phenolic notes. The winery likes this with a Thai green papaya salad, and fresh chèvre or feta cheese. • The Terrace Restaurant at Mission Hill Family Estate is open for the season, continuing to spotlight ingredients harvested just steps from the kitchen. The estate's expanded botanical program now features a rotation of edible flowers and culinary herbs, and an enhanced in-house charcuterie program. All the dishes complement Mission Hill's wines and reflect the estate's commitment to seasonal cooking. This year's dinner menu allows guests to choose a three-course rotating menu paired with two estate-made wines ($99 per person) or the signature five-course Chef's Tasting Menu with wine pairings for each course ($195 per person). Lunch service is a curated two-course menu with estate wines ($70 per person). Beginning June 1, dinner service is seven days a week, while lunch continues from Thursday to Monday until June 23, when lunch and dinner will be available seven days a week. Reservations are strongly recommended via OpenTable . • I have long wondered about wines by the glass poured behind the bar and not at the table. The Drinks Business Daily News reports staff at Parisian restaurants anonymously told Le Parisien that they were swapping out wines ordered by some customers for less expensive ones. According to the report, their bosses instructed servers in Paris bars, particularly in tourist spots, to make the switch to protect their margins. An undercover investigation into the claims found that at one venue, an €8.50 glass of Chablis had the characteristics of a Sauvignon Blanc. Elsewhere, a €7.50 glass of Sancerre on the list tasted more like a generic Sauvignon Blanc in the glass. Servers told the French outlet that their bosses regularly instructed them to serve a different wine than that which was ordered, so as not to open a new bottle of a more expensive label and risk wastage. $26.99 I 89/100 UPC: 00063657031513 Winemaker Jason Jones characterized 2021 as 'a great year for BSV.' It is a savoury, leafy, black and red fruited wine, with a richness that belies its warm vineyard site. The textures are soft, with strong notes of baking spices mixed with sweet vanilla and light tannins. At 14.5 per cent alcohol, it is easy to sip for a red and tailor-made for barbecue meats all summer. $17.00 I 88/100 UPC: 083085611293 Veramonte Sauvignon reflects the cool Casablanca valley, pitching herbaceous notes with lime leaf and green pepper notes. On the palate, green apples, some garlic lees, citrus and gentle herbal notes line the wine from front to back. It finishes clean and with some persistence. Veramonte is committed to sustainable viticulture, and this wine is certified organic. The classic match is goat cheese or perhaps a favourite ceviche dish.
