Saraceni loses battle with Bankwest/CBA over Raine Square damages

Developer Luke Saraceni has failed in his damages claim against the Commonwealth Bank over the handling of finances for the Raine Square tower.

Justice Paul Tottle ruled that the bank had acted within the terms of the financial agreement between the parties.

Saraceni’s now-liquidated Westgem Investments and his private investment partner Henri Pourzand, had claimed Bankwest and parent company CBA had engaged in unfair and unconscionable conduct.

His barrister Robert Newlinds claimed that the conduct led to extra and unnecessary costs.

Justice Tottle ruled CBA had succeeded in part of its counterclaim, except in relation to a Vasse Newtown development, The West reported.

The ruling is the latest chapter in a saga that dates back to 2008 regarding the $450 million Raine Square.

The bank appointed receivers KordaMentha to Westgem in January 2011 after it missed a $50 million payment.

Bankwest foreclosed on his $16 million Mosman Park mansion and other assets.

KordaMentha sold the Raine Square property to Charter Hall for $458 million in 2013.