Saraceni facing fresh action from Bankwest
The joint financiers of Raine Square have launched further legal action against Luke Saraceni, alleging misleading conduct over the use of proceeds from the sale of a stake in a residential development in the South West and moving to recover costs caused by the delay of court proceedings.
The financiers, Bankwest and Bank of Scotland International, lodged a writ in the Supreme Court of Western Australia earlier this week, claiming Mr Saraceni had said $7 million raised from the sale of a stake in the Vasse Newtown development near Busselton would be applied to reduce debts on Raine Square.
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