The Joondalup Resort is suing Singaporean billionaire Tuck Kwong Low for allegedly breaching a 20-year-old purchase agreement, amid a legal dispute over the resort’s future.
The company behind the Joondalup Resort is suing Singaporean billionaire and former co-owner Tuck Kwong Low for allegedly breaching a 20-year-old purchase agreement, amid a legal dispute over the resort’s future.
According to a writ lodged in the Supreme Court, Joondalup Realty is suing Mr Low and his Singaporean-based company Energy Resource Investment, claiming damages and an account of profits.
The legal action centres around an agreement Joondalup Realty, Mr Low and ERI signed in 2000, in which Joondalup Realty had allegedly agreed to sell several properties it had developed at Connolly’s Pine Valley Pass, a residential street adjacent to the resort, for the same price it would cost to develop.
However, Joondalup Realty claims the agreement was signed on the condition that the properties were only for Mr Low’s personal use and would not be on-sold, according to the writ.
In the writ, lawyers for Joondalup Realty claim Mr Low, as co-director of Joondalup Realty, facilitated the sale of the seven properties to ERI for just over $1 million in 2005.
But a decade later, Joondalup Realty alleged ERI sold the properties to third parties for $4.2 million, constituting a breach of the agreement.
Joondalup Realty is claiming a loss as a result of the sale, and is now claiming damages from Mr Low and details of the sale from ERI.
The legal action comes just four months after Mr Low reportedly applied to have the resort wound up on the grounds that it had become insolvent.
Mr Low is no longer a director of Joondalup Realty.