At one stage Dyldam had round 300 entities. Companies would collapse leaving substantial money owed to tradies, suppliers, financers and the ATO.
But the earnings had been moved elsewhere and, regardless of being a prison offence beneath the Corporations Act, Hathway mentioned liquidators of the collapsed corporations weren’t given books, data or correct accounts, making it terribly troublesome to comply with the cash path.
Joe Khattar along with his spouse Chahida, who was prosecuted for making an attempt to run over a nephew within the Dyldam automobile park.
Credit: Facebook
Dyldam’s merry-go-round of company collapses was like a recreation of whack-a-mole, Hathway mentioned. “A head pops up, you hit it, and another one pops up. They just create more and more companies to deceive the system.”
Not solely is “the brazenness of it staggering,” mentioned Hathway, however the penalties for such behaviour are laughable.
Last December, Sam Fayad was prosecuted by the company watchdog, the Australian Securities and Investments Commission (ASIC), for failing to help one other liquidator and never offering books and data. He was fined a complete of $6000.
However, what would possibly lastly deliver the 2 households undone is the bitter feuding inside.
Carol Khattar (centre) along with her daughters Georgia (left) and Alana. They are owed round $21 million by Joe Khattar and his sister Maria Fayad.
Sam Fayad, 64, and Joe Khattar, 75, not communicate. Fayad is already bankrupt whereas his spouse Maria and Joe, her brother, are being pursued by their sister-in-law Carol and nieces Georgia and Alana for a $21 million debt.
When Joe and Maria’s brother, George Khattar, died aged 44 in 2010, he owned a quarter of the Dyldam empire, which he left to his widow Carol, in addition to Alana and Georgia.
For years Joe and Maria, the executors of George’s property, have thwarted their sister-in-law’s demand for her household’s share.
As a outcome of an earlier court docket battle in 2016, it was agreed that Carol could be paid by transferring 20 flats from a growth in Baulkham Hills. However, the corporate Hills Shoppingtown collapsed, leaving Carol empty-handed.
The Oatlands residence of Joe and Chahida Khattar.Credit: Nikki Short
The Supreme Court later heard that Sam Fayad had entered into complicated mortgage agreements with associated corporations, which had left Hills Shoppingtown with what was described as “a crippling debt” of round $350 million. All of Sam’s controversial financing paperwork had been signed by his spouse Maria, the court docket heard.
Carol then launched additional motion in opposition to her husband’s siblings. For his half, Joe Khattar launched a cross-claim in opposition to Sam Fayad, blaming his brother-in-law for scuttling the deal.
In his 2022 judgment, Justice John Sackar mentioned that no matter Sam could have achieved, it didn’t absolve his spouse or her brother of their debt to Carol. He ordered the siblings to pay Carol and her daughters the worth of the flats which he judged to be round $18 million.
Two years later, Carol Khattar is but to obtain a cent, with a subsequent decide saying “Joseph and Maria have frustrated attempts to enforce the judgment.” With curiosity accumulating on the debt, the pair now owes greater than $21 million.
Sam and Maria Fayad’s nine-bedroom nation retreat at Matcham, on the Central Coast.
Apart from the cash they owe to their sister-in-law, Maria and Sam Fayad and Joe Khattar are additionally being chased by the ATO for money owed of greater than $40 million.
Sam Fayad has been bankrupted by a former enterprise companion, hotelier and developer Michael Barakat.
Barakat’s firm has not too long ago launched chapter motion in opposition to Fayad’s sons, Remon and Fayad, whereas Carol Khattar has launched chapter motion in opposition to Joe Khattar which is able to return to court docket in August.
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Joe Khattar’s property, which embody a number of properties, are within the title of his spouse Chahida who, in 2022, was discovered responsible and sentenced to a conditional launch order for a yr for making an attempt to run over nephew Antini Khattar within the Dyldam automobile park.
Maria Fayad additionally has a substantial property portfolio, which incorporates a nine-bedroom nation property with a tennis court docket and swimming pool, which she bought for $4 million in 2015.
The Khattar and Fayad households had been contacted for remark.
