‘I’m embarrassed’: Bombshell evidence given in alleged $150m fraud case

The glamorous daughter of a property tycoon has been “left to fend for herself” after her controversial father fled overseas.

The glamorous daughter of a fugitive property tycoon says she has been “left to fend for herself” since being arrested over fraud charges relating to an alleged $150 million loan to help her father build one of Sydney’s biggest apartment projects.

Ashlyn Nassif, 30, sat quietly in Burwood Local Court on Wednesday as a hearing into the allegedly fraudulent $150m loan began.

Police allege the solicitor falsified documents to meet a $10.5m pre-sale condition for three towers of the Skyview apartments complex in Castle Hill in Sydney’s northwest.

Ms Nassif’s solicitor Murugan Thangaraj told the court on Wednesday his client’s father, fugitive property developer Jean Nassif, has “left his daughter to fend for herself”.

Mr Nassif is believed to be on the run in Lebanon and while police have not charged him, officers have issued a warrant for his arrest.

Mr Thangaraj cross examined a sacked Westpac employee in court on Wednesday, who had worked with Mr Nassif for many years.

Ashlyn Nassif attended Burwood Local Court on Wednesday as a hearing into the allegedly fraudulent $150m loan began. Photo: Gaye Gerard / NewsWire

Graham Smith, a former relationship manager at Westpac, told the court he had worked with and maintained a professional relationship with Mr Nassif since 2009.

“I trusted him impeccably, and I regarded him as honest,” he told the court.

Mr Smith was questioned about three “private commercial dealings”, in which he was allegedly paid a total of $150,000 for “consultancy work” as well as an overseas holiday to the US along with his family.

These dealings were not disclosed to his former employer Westpac, which Mr Smith conceded he “knew was a conflict of interest”.

Mr Smith told the court he considered Mr Nassif’s payments as “generous”, and admitted he “should have declared them to Westpac”.

“I’m embarrassed by it … and I’m embarrassed to be here answering questions about it today,” he told the court.

An internal investigation was conducted by Westpac after the bank became aware of the pair’s private dealings and Mr Smith was sacked.

“Were there any other property developers that gave you bribes?” Mr Thangaraj asked Mr Smith.

It’s alleged Ashlyn Nassif submitted fake contracts to Westpac over three months in 2021 to obtain a $150m loan to fund about 900 apartments. Picture: NCA NewsWire / Gaye Gerard

“It wasn’t a bribe, I take offence to that word,” Mr Smith replied.

As part of their professional relationship, Mr Smith told the court that Mr Nassif expected him to “always take his calls even on weekends” and that he would “always push for deals as hard as he could”.

Meanwhile, Ms Nassif was charged in February 2023 with dishonestly obtaining a financial advantage by deception and publishing false or misleading material and remains on conditional bail.

She is yet to enter pleas to the charges.

Police allege Ms Nassif submitted fake contracts to Westpac over three months in 2021 to obtain a $150m loan to fund about 900 apartments.

The $900m apartment tower complex was built by Mr Nassif’s development company Toplace, which spectacularly collapsed late in 2023.

The hearing continues.

Originally published as ‘I’m embarrassed’: Bombshell evidence given in alleged $150m fraud case