Jeremy Giles

Dyldam Developments' former boss Sam Fayad and his two sons have been ordered to pay over $50 million in a case by the liquidator of a special purpose vehicle claiming company funds were misused.

A liquidator has opened his case over the alleged misuse of funds by now defunct Dyldam Developments, as the court hears of “oddities” in financial records and the spaghetti-like structure of 157 interrelated entities.

A judge has said ASIC should have known that its case against four TerraCom directors over statements made to investors had no prospects of success, calling one of its submissions “unworthy of the corporations regulator”.

Lendlease has filed an appeal after it failed in its bid to enforce a $120 million purchase agreement for five plots of land in Campbelltown, in a high-stakes challenge set to be heard later this year. 

Real estate asset manager Dexus will cover the legal costs of shareholders whose stake in Australia Pacific Airports Corporation hangs in the balance, as it reveals a $55 million book value increase.

ASIC has told a court that a PwC report into allegations of inaccurate coal pricing found that 12 “inconsistent” invoices issued by TerraCom resulted in a $1.15 million benefit to the company, contrary to the company's claim that the audit found no wrongdoing.

The date has been set for a court battle over Dexus' sale of shares in Asia Pacific Airport Corporation, a fight the operator of Melbourne and Launceston airports says needs 10 hearing days.

Penalty proceedings in ASIC's case against coal producer TerraCom have been put on ice until the regulator’s suit against the company’s directors goes to trial. 

Lendlease can't bring new claims in an unsuccessful fight over Campbelltown plots worth $120 million, with a judge finding it was not appropriate to allow the amendments "at this very late stage".