Building king Jean Nassif pledges to use his company’s millions to complete tower blocks

Embattled property developer Jean Nassif has lashed rumours Toplace has stopped construction amid ongoing woes plaguing the company.

Embattled property developer Jean Nassif has pledged to use his company’s own money to finish his tower block projects as funds from lenders dry up while the so-called “King of the Hills” takes legal action to win back his building licence.

From overseas where he is variously said to be in Lebanon, the Philippines or Singapore, Toplace boss Mr Nassif has come out fighting against claims construction has ground to a halt on his Skyview and Box Hill developments.

The founder and director of besieged builder Toplace has told The Daily Telegraph the company has “significant financial resources which is it is able to draw on to find construction activities”.

That will come as satisfying news to the buyers who the NSW Civil and Administrative Tribunal have already put down deposits for over $122 million worth of units in the ambitious developments.

“Any suggestion that construction has stopped is a malicious lie and obviously disproven,” Mr Nassif, 55, said this week.

Jean Nassif with his wife Nissy. Jean has spoken out against people saying his projects won’t be built.

“I will draw on funds from my development arm to complete these buildings if needed.”

His statement comes after Toplace’s lawyer Gregory Bernard Wee told the Civil and Administrative Tribunal late last year that each of the finance arrangements for the Skyview and Box Hill development’s were “at risk” with lenders Westpac and PAG.

The tribunal granted a stay of proceedings to Mr Nassif and Toplace after the Commissioner for Fair Trading cancelled Toplace’s development licence and banned Nassif for 10 years from holding a building licence. They are challenging the ban.

The tribunal was told that Toplace needed the licence to complete the final three of five Skyview towers and the Box Hill projects as well as carry out remedial work on approximately 5171 units in the company’s developments with reported defects. Toplace is not allowed to begin any new work.

Property and construction lawyer Ashlyn Nassif, 27. Picture: John Grainger

Westpac Bank has confirmed it has been co-operating with NSW Police as they investigate both Mr Nassif and his lawyer daughter Ashlyn Nassif, 27, over allegations that Ms Nassif supplied fake pre-sales contracts to secure a $150 million loan from Westpac to help her father build the Skyview towers.

Ashlyn Nassif, 27, managing partner of EA Legal which does much of Toplace’s legal work, was granted bail by Downing Centre Local Court last week charged with dishonestly obtaining a financial advantage by deception and publishing false or misleading material to obtain advantage.

Lawfully intercepted telephone conversations, police alleged, recorded Jean Nassif saying the contracts were “fake”, “never going to be completed anyway” and that the deposits were his own money, court documents state.

Jean Nassif and daughter Ashlyn at her engagement party in March 2022.

Jean Nassif has not been charged with any criminal offence and there is no suggestion anyone else involved with EA Legal has done anything wrong.

Jean Nassif has told a NSW Parliamentary inquiry looking into corruption claims involving Hills Shire Council — which have been denied — that he has been recuperating in a remote Lebanon village after a medical procedure.

The inquiry followed an explosive speech in parliament last year by Castle Hill Liberal MP Ray Williams.

Under parliamentary privilege, he said that: “Apparently prior to the council elections Jean Nassif of Toplace met with Christian Ellis and other senior members of the Liberal Party who were paid significant funds in order to put new councillors on The Hills Shire Council who would be supportive of future Toplace development applications.

Artist impressions of the new Skyview residential development by Toplace. The developers say Castle Hill, where the five towers will be located, will be the next Chatswood.

“Christian Ellis is the owner of a lobbyist company and at the time a Liberal Party State Executive member who listed Toplace as one of his major clients,” Mr Williams said in parliament.

Neither Mr Nassif nor Mr Ellis gave evidence before the committee.

The committee recommended that the influence of “property developers and others in political, legal and democratic processes in the Hills Shire region be referred to the Independent Commission Against Corruption for investigation”.

The Civil and Administrative Tribunal was told that the work needed to continue at the two tower developments included maintenance of cranes and scaffolding.

Artist impressions of the Box Hill City Centre residential and retail precinct by Toplace in Sydney's north west.

Bx Hill required the continual pumping out of groundwater and stormwater because the stormwater infrastructure has not yet been constructed and run-off onto the site mean the basements “will fill with water, which creates a risk of drowning and the electrical equipment in the buildings will be inundated with water, creating a risk of electrocution”.

The tribunal was told that Mr Nassif and Toplace were obtaining independent expert evidence to challenge the findings against them after the Commissioner for Fair Trading said they had relied on “the findings of an investigation and various audit reports in respect of Toplace Pty Ltd and Mr Nassif which have revealed serious defects and breaches”.

A spokesperson for Westpac said earlier this week: “Westpac has assisted NSW Police with their inquiries and is unable to comment while the matter is before the courts. Any Westpac lending remains well secured against real estate assets.”

PAG said on Monday it had no comment to add.