Qld rich lister’s company in legal stoush over $3m
A COMPANY tied to one of Queensland's richest miners is locked in a legal battle over $3 million connected to the land sale and retail rights of an aborted development.
Bob Bryan, the founder of the state's coal-seam gas industry, is the majority shareholder of the Bryan Family Group and one of its associated companies APGL Palm Beach (APGL).
Bryan's worth is estimated to be in excess of $300 million and he was inducted into the Queensland Business Leaders Hall of Fame.
APGL has locked legal horns with Palm Beach Development following the sale of land by APGL and retail rights of the Pavilions Palm Beach for $16.25 million.
The two companies teamed for stage one, a residential and retail precinct, but stage two, a residential complex with 90 apartments, never materialised.
The project was aborted in the wake of slow sales of stage one apartments which was attributed to the GFC and oversupply of units on the Gold Coast.
Palm Beach Development alleged it was entitled to $3 million of the sale of the Pavilions as it acted as a "financier', according to documents filed with the Brisbane Supreme Court.
Palm Beach Developments claimed 'finance" was paid when the land, which they originally owned, was sold to APGL Palm Beach for $20 million in 2005.
APGL alleged the developer had no rights to the $3 million because the project lost $26 million and wants the money released.
In documents tendered to the court, APGL claimed that "there are no net proceeds on the sale of the project" and "there are no funds to be distributed to the defendant."
Palm Beach Development alleged in court documents that loan contribution "amount was, and it remains, a debut due "payable on demand".
The opening morning of the trial before Justice Peter Flanagan was bogged down in reports and balance sheets covering more than a decade.