QNV Constructions: British billionaire lord Michael Ashcroft, Craig Gore and former NT Chief Shane Stone linked to company

A billionaire British lord has emerged as the owner of the parent company linked to a struggling Gold Coast building company in a complex corporate setup that has also involved a former chief minister of the Northern Territory and twice-bankrupt former rich lister Craig Gore.

A BILLIONAIRE British lord has emerged as the owner of the parent company linked to a struggling Gold Coast building company in a complex corporate setup that has also involved a former chief minister of the Northern Territory and twice-bankrupt former rich lister Craig Gore.

QNV Constructions’ building licence was suspended by the QBCC last month after it made an early exit from the lease of its former headquarters at Siganto Dr, Helensvale.

The building regulator said QNV had failed to pay subbies and suppliers at least $174,000 and had failed to comply with a financial audit.

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The former headquarters of troubled building company QNV Constructions at 42 Siganto Dr, Helensvale, is on the market. Photo: Supplied

All shares in QNV Constructions are owned by QNV Holdings, which in turn is owned by Mayfair Limited, a company based in the Caribbean tax haven of Belize in Central America.

Mayfair is controlled by billionaire British lord Michael Ashcroft, a conservative former politician with joint citizenship of Belize who has also been a major donor of the Liberal National Party in Australia.

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Lord Ashcroft’s friend, former federal Liberal Party president Shane Stone, also a former chief minister of the Northern Territory, is a former director of QNV Constructions and QNV Holdings.

Lord Michael Ashcroft

Lord Michael Ashcroft at a meeting in Malta.

QNV Constructions’ website was registered by a staffer of Lord Ashcroft’s Australian ­financial advice company, Anne Street Partners, which he bought from Mr Gore in 2009 under the name Wright Patton Shakespeare.

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Company documents show QNV Constructions was also owned by another of Mr Gore’s former companies, International Marina Development and Management, which was bought by Lord Ashcroft’s Mayfair in 2008.

QNV’s shares were bought by a company named QNV Holdings, also owned by Mayfair, for $2.1 million in 2011.

Mayfair lent money for the purchase to QNV Holdings and became its secured creditor.

Company records show QNV’s general manager Mark Bywater ceased his directorship of the company on February 1 this year, leaving its CEO, Chris Eaton, as sole director.

Craig Gore. Pics Adam Head

QNV was listed at No. 47 in a list of Australia’s top 100 builders by the Housing Industry of Australia last year.

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QBCC records show the company’s work book grew sharply in 2015-16, when they recorded construction of 109 homes worth $21.7 million — up from 22 homes for $4.9 million the previous year.

In 2016-17 QNV had its biggest year ever, building 106 homes worth $27 million, however in 2017-18 it shrank back to 15 jobs for $4.7 million.

The QBCC first suspended its licence in December, a move that was appealed by the company in the Queensland Civil and Administrative Tribunal but ultimately upheld.

The Gold Coast Bulletin has attempted to contact Lord Ashcroft via his website and has approached QNV’s public relations company for a response.

Shane Stone (L) and Lord Michael Ashcroft in Malta.

As well as his previous involvement with QNV, Mr Stone has also sat on various boards for Anne Street Partners and on the board of failed billion-dollar Broadbeach financier City Pacific.

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Under Mayfair’s ownership in 2008, International Marina Development and Management bought the Breakwater Marina from City Pacific for $18 million and had planned to undertake a $1 billion cruise ship terminal and residential development there before it pulled out of negotiations a year later.

Lord Ashcroft donated $1 million to the Federal Coalition during the 2004 election campaign — the largest single foreign donation to an Australian political party ever disclosed.

A QBCC spokeswoman said it had received seven complaints about money allegedly owed by QNV to companies or subcontractors totalling $76,959.13.

It said the latest complaint came last month and was for $32,398.

“If any company or subcontractor is owed money by the company, we urge them to come forward to the QBCC,” the spokeswoman said.

A QNV spokesman said they were engaged actively with the QBCC.

“QNV Constructions continues to engage actively with the QBCC. However, as matters are now before the court it would be inappropriate to comment further,” the spokesman said.