Luke Saraceni loses bid to remove Raine Square, Perth, receivers
Prominent property developer Luke Saraceni has lost his Supreme Court bid to remove bank-appointed receivers from the $500 million Raine Square tower in Perth.
Justice Michael Corboy ruled today in an 111-page judgement that the appointment of receivers KordaMentha over one of Perth’s biggest office developments was valid.
Saraceni and business partner Hossean Pourzand lost control of the tower after missing a vital $50 million repayment to financiers Commonwealth Bank-owned Bankwest and Bank of Scotland in late 2010.
The hearing was held over five days in July 2001.Saraceni said after the court decision that he was still intent on his damages claim arising from the conduct of financiers.
“The banks had a win today, but it clearly doesn’t affect our damages claim,” Saraceni said.
Mark Mentha, of KordaMentha, said the decision was a “strong acknowledgement” of the joint financiers’ actions.
