The largest and third largest private village operators are heading towards the courts against each other. Lend Lease Primelife manages 12 Prime Trust villages. Prime Trust claims LLP (through its subsidiaries) has not been complying with its contractual requirements to pay the full rent and net ingoing contributions to Prime Trust. LLP has counterclaim that prime trust has a net debt to LLP.
Five Prime Trust directors found to a breach their duties when handing over $33 million to Bill Lewski
Corporate watchdog ASIC was successful in the Federal Court, obtaining a ruling that the five former directors of Prime Trust are liable for breaching their duties as officers of the trust APCHL. They agreed to the amendment of the Constitution of...