The Crown Group co-founder’s holding vehicles for his Macquarie Park and Chatswood sites are at risk of going into liquidation.
Crown Group co-founder Iwan Sunito’s attempt to build residential developments without his former business partner, Paul Sathio, is already facing ructions, as two of his personal vehicle’s subsidiaries face lawsuits for not making payments and another has wound up., Mr Sunito said he would carry Crown’s legacy by himself through his personal vehicle, One Global Capital. He said it had a $1 billion development pipeline in the works, comprising projects in Macquarie Park and Chatswood in Sydney.
The Macquarie Park site was planned to become a three-tower residential development, while the Chatswood complex was set to have 320 apartments and 110 serviced apartments, according to capital-raising pitch documents seen byOne Global Capital Macquarie, the holding vehicle for Mr Sunito’s Macquarie Park site, is facing a lawsuit for allegedly failing to make repayments on a $4.5 million loan that began less than a year ago.
A court hearing for the lawsuit was scheduled for Friday morning, but it was vacated to allow both parties to file pleadings.On Friday afternoon, another subsidiary called One Mastery Developments was ordered to either pay bills to a contractor or be wound up. The court action to wind up One Mastery Developments was filed by Sydney developer Ceerose, which is owed about $200,000 for work related to Crown Group’s Mastery development.
The $500 million inner-Sydney development went on the market last month after Bank of China tipped it into receivership. One Global Capital Chatswood, the holding vehicle for the Chatswood site, was wound up and tipped into receivership in the past fortnight. Cathro and Partners’ Andrew Blundell was appointed as the liquidator.As Mr Sunito’s personal investment vehicle experiences turmoil, he faces a lawsuit focusing on his now-liquidated Crown Group, which alleges that he reneged on a deal to split the company.
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