Malek Fahd to receive $22m in misappropriated rent, land and property
MALEK FAHD Islamic School in Greenacre has welcomed news that its founder will have to repay $22 million in misappropriated rent payments, loans, service fees and property back to the school.
The Express
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MALEK FAHD Islamic School in Greenacre has welcomed news that its founder will have to repay $22 million in misappropriated rent payments, loans, service fees and property back to the school.
In the NSW Supreme Court last Thursday, the Australian Federation of Islamic Councils agreed, without admission, to repay $10 million and transferred ownership of its $12 million Beaumont Hills campus to Malek Fahd.
The school also has a smaller campus in Hoxton Park.
Malek Fahd originally claimed some $45 million had been siphoned from it over a period of 15 years by AFIC, which founded the school in 1989.
Malek Fahd chairman Dr John Bennett said the news was positive.
“We are, of course, very pleased with progress to date and it is, indeed, very good news for our school and our school community,” Dr Bennett said.
“But the case is still continuing and there are other matters that are still in dispute that need to be heard by the court.”
The trial continues.