Crown Group co-founder Paul Sathio, who lost control of the business when it was pushed into liquidation last year after 25 years of operation, finds himself a further $6 million out of pocket after failing to raise enough funds to buy one of his former company’s largest development sites.

Crown Group, founded by Indonesia-born businessmen Iwan Sunito and Mr Sathio, was formerly among the country’s largest private property developers, but a feud between the two founders forced the company into voluntary liquidation last year.