Two Australian property developers charged with fraud

The court documents specify that a sum of nearly $38 million, concerning the sale of land in Dubai, was demanded by two Australian property developers, who are now suffering in a Dubai jail.

In statement of claim, filed by the James Packer-backed Sunland group yesterday, Matthew Joyce and Angus Reed have been mentioned to be involved in over a $63 million sale of land on an exclusive Dubai waterfront.

It was in the Federal Court of Australia, in Queensland, where the document has been lodged by Sunland. The document explains that its general manager at the time, David Brown, met Matt Joyce on August 19, 2007. Joyce, back then, was a director of Dubai Waterfront; and he agreed to sell the land at a cheaper price, but demanded compensation, revealed the documents. 
 
"The filing is the first major salvo in the court action that relates to the sale in 2007 of a parcel of development land by Dubai Waterfront to Sunland. Mr. Reed's Prudentia Investments is believed to have partnered Sunland in the purchase of the site. But Prudentia sold its share of the project as the boom continued through 2007. Now Sunland has put development of the site on hold," said a source close to the matter.

The Prudentia; a Singapore company, Hanley Investments; Angus Reed and Matthew Joyce have been named as respondents by Sunland, which has James Packer as a key shareholder and non-executive director. The statement of claim also named Marcus Lee, who worked for Dubai Waterfront. 
 
Mr Joyce and Mr Lee, after being jailed for six months on suspicion of bribery, have been charged with fraud.
 

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