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John Palasty jumps from Virtical’s sinking ship

Max Mason, David Marin-Guzman and Larry Schlesinger

Sep 27, 2024 – 11.36am

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Developer John Palasty is attempting to distance himself from Virtical’s collapsing hospitality empire, stepping down and selling his shares to a man who is a director of multiple failed companies.

Virtical has been rapidly unravelling since The Australian Financial Review revealed two weeks ago that the Tax Office is investigating more than a dozen of its companies over more than $100 million in GST refund claims – a sum that required it to spend $1 billion on development.

Max Mason covers financial crime, courts and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason

David Marin-Guzman writes about industrial relations, workplace, policy and leadership from Sydney.

Larry Schlesinger was a reporter at The Australian Financial Review