The administrators have taken legal action against Jean Nassif and his brother Bakhos, who are believed to be residing in Lebanon, for various financial transactions, including the withdrawal of $10 million from a Westpac loan facility that was transferred to his brother’s Bank of Beirut account. Nassif is also being pursued for allegedly borrowing $7.6 million from company accounts, with interest accruing at over $1800 per day. Despite Nassif’s claims of health issues preventing his return to Australia, the administrators stated that they have had no contact with him.
Nassif’s legal team appeared in Federal Court seeking permission for him to continue his defamation case against 2GB’s morning host Hadley and Harbour Radio, owned by Nine. Defying court orders, Nassif’s lawyers attribute failures to comply with previous court orders to his personal and health circumstances. However, evidence provided by Nassif’s legal team to support his claims of health issues was deemed insufficient and lacking in documentation by Hadley’s lawyer, questioning Nassif’s capacity to return and prosecute his case.
Nassif submitted a photograph from a Lebanese hospital as proof of a medical ailment keeping him from returning to Australia. He claimed to have undergone surgeries and suffered from post-operative complications, necessitating further medical evaluations that could potentially delay his return for weeks or months. However, reports surfaced of Nassif seen gambling in a casino in Lebanon, raising doubts about the severity of his health issues and his stated timeline for returning to Australia. The court ruled that Nassif needed to pay an additional $50,000 security deposit to reinstate the defamation proceedings.
Nassif’s older brother Sarkis, who is also a developer, previously paid a combined $900,000 in security costs last August. The money was paid through an irrevocable bank guarantee issued by an Australian bank. It is unclear how Nassif paid the required security deposit for the defamation proceedings, given that his personal bank accounts were closed and his business accounts frozen. Hadley’s legal team noted that the security deposit paid by Nassif was to prevent the dismissal of the case, as then he would be liable for 2GB and the broadcaster’s legal costs, which currently total around $875,000.
Creditors of the Toplace group of companies, associated with Nassif, voted to allow the administrators to establish a Deed of Company Arrangement for up to 10 months instead of liquidation. The decision comes amidst the ongoing legal battles and financial controversies surrounding Jean Nassif, including allegations of borrowing large sums from company accounts and failing to comply with court orders. The situation highlights the complexities and challenges facing stakeholders involved in the financial and legal issues surrounding Nassif and his business dealings.
