THE Dubai royal family's Emaar Properties, developer of the world's tallest tower, has never heard of them, while their "Financial Analysis Department" in London amounts to three men in a serviced office.
Meridian Capital Enterprises took a full page advertisement in the Australian Financial Review on Wednesday claiming to offer "petrodollars at your fingertips" to finance Australia's cash-strapped property developers.
But the developers of three Australian projects featured in the ad, or on Meridian's website, told The Weekend Australian that they had never heard of the company.
Such an ad, if false, breaches Section 52 of the Trade Practices Act (misleading and deceptive conduct), according to Australian Competition and Consumer Commission Queensland assistant director Guy Launder.
"Under the Act, you can't say you have an association with a company if you haven't," Mr Launder said.
Mr Launder said no complaints had been received about Meridian.
Michael Gill, publisher of the Australian Financial Review, and Phill Gallagher, group advertising director of Fairfax Business Media, did not return calls regarding whether they were aware of the bona fides of Meridian.
The James Packer-backed Sunland Group, Austcorp and Amalgamated Properties, whose Queensland highrise projects were featured by Meridian, said they had no knowledge of the Middle East-backed financier.
Sunland director Ron Eames, also a partnered lawyer at DLA Phillips Fox, said they had found no information on Meridian after making inquiries in Australia and Dubai.
Read more...
Meridian Capital Enterprises took a full page advertisement in the Australian Financial Review on Wednesday claiming to offer "petrodollars at your fingertips" to finance Australia's cash-strapped property developers.
But the developers of three Australian projects featured in the ad, or on Meridian's website, told The Weekend Australian that they had never heard of the company.
Such an ad, if false, breaches Section 52 of the Trade Practices Act (misleading and deceptive conduct), according to Australian Competition and Consumer Commission Queensland assistant director Guy Launder.
"Under the Act, you can't say you have an association with a company if you haven't," Mr Launder said.
Mr Launder said no complaints had been received about Meridian.
Michael Gill, publisher of the Australian Financial Review, and Phill Gallagher, group advertising director of Fairfax Business Media, did not return calls regarding whether they were aware of the bona fides of Meridian.
The James Packer-backed Sunland Group, Austcorp and Amalgamated Properties, whose Queensland highrise projects were featured by Meridian, said they had no knowledge of the Middle East-backed financier.
Sunland director Ron Eames, also a partnered lawyer at DLA Phillips Fox, said they had found no information on Meridian after making inquiries in Australia and Dubai.
Read more...