Ashlyn Nassif granted bail after charges over alleged $150m fraud

Sydney developer Jean Nassif has posted a public message of support for his daughter Ashlyn after she fronted court over an alleged $150m loan fraudulently obtained to help build one of his apartment complexes.

The glamorous daughter of controversial property developer Jean Nassif has been released on strict conditional bail, amid allegations she supplied a bank with fake pre-sales contracts in order to obtain a $150 million loan to help her father build one of Sydney’s biggest apartment projects.

Ashlyn Nassif fronted Downing Centre Local Court on Wednesday, less than 24 hours after she was arrested at Day Street Police Station following a police raid on four properties, including the offices of her law firm, EA Legal.

There is no suggestion of wrongdoing by anyone else at the firm.

Nassif, who appeared in court via videolink from the holding cells at Surry Hills Police Station wearing handcuffs, is facing one count each of dishonestly obtaining a financial advantage by deception and publishing false or misleading material to obtain advantage.

Police will allege over the course of three months in late 2021, Nassif submitted at least $10.5 million in fake pre-sale contracts to Westpac Bank for more than a dozen apartments in the $900 million Skyview Castle Hill apartment tower complex, which was being built by her father’s development company, Toplace.

Controversial property developer Jean Nassif (right), with his daughter Ashlyn.

The court heard police will allege Nassif’s fraudulent provision of the fake contracts paved the way for Westpac to fund a $150 million loan for the controversial venture, which has since been hit with an occupation certificate prohibition order by the NSW Building Commissioner after an investigation found there were “serious defects” in one of the development’s towers.

The Daily Telegraph understands police will allege Nassif used the names of Toplace employees and subcontractors in the falsified contracts, some of which had also allegedly been used to secure a loan from another bank for another, earlier portion of the project.

Ashlyn Nassif, 27 leaves Surry Hills police station on bail with her lawyer. Picture: David Swift

Nassif was supported in court on Wednesday by her mother, sister, fiancé and brother-in-law.

The family put up the deeds to a $2.6 million property they own outright to secure her release.

As part of her bail conditions, Nassif must live with her mother at Concord, report to Burwood Police Station daily and abide by a nighttime curfew prohibiting her from leaving the property between 9pm and 6am.

NSW Police on Tuesday revealed they had raided Jean Nassif’s home and business, along with his daughter’s legal firm, as part of a large-scale fraud investigation.

Police sources told the Telegraph there was no warrant for Mr Nassif’s arrest and he is not accused of any wrongdoing, nor is he alleged to have any involvement in the alleged fraud scheme.

Nassif’s barrister Greg Stanton (far right), her mother, sister, brother-in-law and fiance all attended court today. Pictures: Darren Leigh Roberts

He is currently in Lebanon recuperating after a recent medical procedure.

Not long after his daughter’s appearance in court, the multi-millionaire developer used Instagram to send her a roundabout message telling her he “has her back”, even when “life tries to knock you down”.

“To my daughter, never forget that I love,” the message began.

“I hope you believe in yourself as much as I believe in you. When life tries to knock you down, I will always have your back. I can’t promise to be here for the rest of your life... but what I can promise is that I will love you for the rest of mine”.

That show of support for Ms Nassif followed another Instagram post in which Mr Nassif appeared to take aim at the NSW Government.

“Dear government, I really want to have a serious talk with you! But I’m struggling to find anyone not corrupt or power hungry,” he wrote.

Jean Nassif with his model/actor wife Nissy Nassif.

Meanwhile, Ashlyn Nassif spent several hours being questioned by detectives on Tuesday evening before she was charged and refused bail overnight.

Magistrate Greg Grogin said the charges against Nassif were serious, with the fact sheets revealing allegations of a “sophisticated and planned” endeavour involving “incredibly substantial” amount of money.

However, he agreed to grant Nassif bail, noting the 27-year-old lawyer had no criminal convictions and would agree to abide by the strict conditions proposed.

The case will return to court at a later date.

Nassif’s profile on the EA Legal website said she is “a key advisor of one of Australia’s largest construction and property development companies as well as private investors and developers”.

Ashlyn Nassif has been released on strict conditional bail.

“Ashlyn has earned the trust and respect of many established companies and individuals by helping through their complex real estate transactions, property developments, financing and commercial transactions,” the website said.

“Ashlyn believes in sharing with those in need and is a member of various charitable organisations.”

Mr Nassif — who once famously gifted his wife Nissy a $480k yellow Lamborghini — is currently fighting to hold onto his development licence, after a bid by NSW Fair Trading to ban him for 10 years and permanently blacklist his company Toplace.

But Mr Nassif and his company won a stay of the ban in the NSW Civil and Administrative Tribunal until a review of Fair Trading’s decision can be completed.

While the company can operate until that review is completed, they can not take on new contracts without approval from NCAT.