Developer to pay $3.5 million for breaching duties

The Court of Appeal has upheld an order for a developer to pay $3.5 million for breaching directors’ duties.

Arthur Morgenstern - the developer of the $67 million St Lukes Garden apartments project - was taken to court by liquidators of his former companies MSE, Kingdon Development and Axon House Carparking.

The case relates to the sale of 99 shares in St Lukes Garden apartments to MSE for $3.465 million (see the judgment below).

 

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