No action from QBCC, ASIC on Descon Group boss Danny Isaac, who was bankrupt when licensed

An embattled development company is free to build hundreds of millions of dollars worth of new projects, more than a month after revelations its director was bankrupt when he obtained its builder licence. Find out why

An embattled development company is free to build hundreds of millions of dollars worth of new projects, more than a month after revelations its director was bankrupt when he obtained its builder licence.

The Gold Coast Bulletin revealed last month that Sami Adib, now known as Danny Isaac, was bankrupt from September 5, 2011 until December 24, 2020, after failing to pay a debt to a Mitre 10 business in Western Australia.

After changing his name and moving to the east coast, Mr Isaac was granted builder licences, directed companies, obtained loans and insurance bonds worth untold millions and won billions of dollars in construction contracts.

Bankruptcy trustee David Hambleton said Mr Isaac had been “unaware” he was declared bankrupt after leaving Western Australia and changing his name, and that the Adib debt was settled in 2020.

When asked why he changed his name after leaving WA, Mr Isaac said it was for “very personal” reasons.

Danny Isaac, aka Sami Adib.

Descon companies this month continued to be plagued by mountainous debt claims, with a new bid to wind up the group lodged in the Brisbane Supreme Court this week.

The QBCC has taken no visible action against Descon, which this week still held an unblemished licence for maximum revenue over $240m and obtained its licence in July 2018.

There is no suggestion the QBCC is investigating Descon or Mr Isaac.

Public Works and Energy Minister Mick de Brenni, who is responsible for overseeing the Queensland Building and Construction Commission, declined to answer questions on the matter.

“The Minister’s Office has been advised that this matter is under consideration by the QBCC, and therefore it would be inappropriate for the Minister to comment,” said a statement from his office.

“The Queensland Government has laws and processes in place to protect subcontractors and consumers, and all operational matters should be directed to the QBCC directly.”

Minister Mick de Brenni speaks during Question Time at Parliament House in Brisbane. Picture: Dan Peled

The QBCC said it was “not permitted to disclose information about any former or current licensee that does not appear on the QBCC’s publicly available licence record”.

A statement from the Commission said, generally, if it found evidence of false information being provided during a licence application, it would take action, which could include contacting other agencies such as the Queensland Police Service.

“The QBCC can also take action when it is determined a person may not be fit and proper to hold a contractor’s licence,” the statement said.

“This action can include, but is not limited to, suspending or cancelling an existing licence.”

Descon Group Australia director Danny Isaac, aka Sami Adib.

ASIC last month said it would “consider the claims that Danny Isaac and Sami Adib are the same person” and “whether Mr Isaac has been registered as a director (or been) managing companies during the period of bankruptcy in breach of his automatic disqualification due to bankruptcy”.

This week, ASIC said its “consideration of the matter is ongoing” and had no further update.

Originally published as No action from QBCC, ASIC on Descon Group boss Danny Isaac, who was bankrupt when licensed