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Despite their companies owing billions, Sydney family splurge on exorbitant Tuscan wedding

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Remon Fayad and the Fayad family spared no expense for their Florence wedding ceremony. Back in Australia, their companies’ creditors have been left high and dry.

For four glorious days under a Tuscan sun last weekend, Australian guests enjoyed lavish wedding festivities featuring drummers, string quartets, flower decorations costing more than $500,000 and witnessing a bride and groom walking down the aisle of the centuries-old Church of San Salvatore in Ognissanti, which features a Botticelli fresco.

Meanwhile, a fortnight before they jetted to Italy, Remon and his brother Fayad, who both have bankruptcy petitions against them, featured unfavourably in a report lodged with corporate watchdog ASIC about the collapse of one of their development companies, Mentmore 313, which owes more than $80 million.

“This is a failure by ASIC, the ATO and government regulators who for decades have allowed them to just carry on screwing people over,” the woman said.Remon and his older brother Fayad, 42, are the sons of Sam Fayad, 64, the once high-flying boss of development giant Dyldam, which had 20 related companies collapse on New Year’s Eve 2020, leaving massive debts.

 

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