The chief executive of major property developer Caydon has claimed his signature was forged as part of an alleged $400 million fraud against a Korean investment house by another developer.
Documents filed in court by the Korean investors allege LBA Capital paid Joe Russo’s development company Caydon $30 million for 48 one-bedroom units in its Moonee Ponds apartment project in Melbourne. Caydon is one of the largest private developers in Melbourne, with large-scale apartment projects in Brunswick, Collingwood and St Kilda, and at the old Alphington paper mill.
“I can guarantee to you they have not bought anything from us. They have fraudulently used my signature. They have not bought one apartment,” he said.
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