COMMONWEALTH DIRECTOR OF PUBLIC PROSECUTIONS vBOON LYE TEEN

IN THE COUNTY COURT OF VICTORIA AT MELBOURNE

CRIMINAL DIVISION

Revised Not Restricted

Suitable for Publication

Case No. CR-23-00639

COMMONWEALTH DIRECTOR OF PUBLIC PROSECUTIONS

BOON LYE TEEN

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JUDGE:	HIS HONOUR JUDGE O'CONNELL
WHEREHELD:	Melbourne
DATEOFHEARING:	6 December 2024
DATEOFSENTENCE:	11 February 2025
CASEMAYBECITEDAS:	DPP (Cth) v Teen
MEDIUMNEUTRALCITATION:	[2025] VCC 78

REASONS FOR SENTENCE

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Subject: CRIMINAL LAW

Catchwords: Plea of guilty to one rolled up charge of false accounting; Offender facilitated illegitimate payments to third parties totalling 3,400,000; Whether substantial quantum of itself required imposition of immediate imprisonment; Benefit flowing to offender limited; Significant delay of 12 years; Weight to be attached to offender’s ill-health; Whether in the circumstances ‘desirable’ to suspend term of imprisonment imposed.

Legislation Cited: Criminal Procedure Act 2009 (Vic); Crimes Act 1958 (Vic);

Sentencing Act 1991 (Vic);

Cases Cited: DPP(Cth) v Gerathy [2018] VSC 289; R v Ellery [2012] VSC 349.

Sentence:Total effective sentence of 21 months’ imprisonment wholly suspended for 21 months.

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APPEARANCES:

Counsel

Solicitors

FortheDPP

Dr J. Harkess

Mr T. Farhall

Office of Public Prosecutions

FortheAccused

Mr M. McGrath & Ms L. Thies

Tony Hargreaves & Partners

COUNTY COURT OF VICTORIA

250 William Street, Melbourne

HIS HONOUR:

Introduction

1Boon Lye Teen, on 29 October of last year you made application for an indication as to sentence pursuant s 207 of the Criminal Procedure Act 2009 (Vic).

2The application was granted and an indication given.

3On that same day you were arraigned and pleaded guilty to one rolled up charge that between 8 March 2013 and 1 August 2013 you dishonestly falsified three documents (invoices) required for an accounting purpose contrary to s 83(1) of the Crimes Act 1958 (Vic).

4On 6 December 2024 a plea in mitigation was put on your behalf.

5The circumstances surrounding the commission of this offence are complex. To ensure a comprehensive understanding of the factual basis for sentence I will attach the main section of the Summary of Prosecution Opening,1 to these reasons for sentence. I will otherwise provide a short summary of the salient facts.

Summary of offending

6This offending relates to your involvement in the sale in 2013 of a student accommodation building at 7-13 Dudley St Caulfield East to an investment company owned by the government of Malaysia.

7The property is well located as student accommodation being near Monash University's Caufield campus and the Caulfield Railway Station.

8Before its sale in 2013 a company of which you were a part owner, Wanissa Properties, was responsible in conjunction with other business partners for converting that land into a multi-level student apartment complex. The

The Summary attached has had the personal information of participants in the relevant events redacted.

construction project spanned a four-year period from 2009 to 2013 and involved a significant financial commitment.

9Sometime into the project, Wanissa Properties began experiencing cash flow problems and difficulties in paying creditors and servicing loans. You were the person principally responsible for managing and carrying out all of the activities associated with the business and it was your task to try to navigate those difficulties.

10For that purpose, you approached a number of financial institutions in order to refinance the project. Throughout 2011 and 2012 you remained concerned about the ability of your company and partner companies to meet their construction deadlines and payment obligations. You therefore took steps to find potential buyers for the property and for that purpose canvassed potential investors in Malaysia.

11As a result, a Malaysian government owned investment company, Mara Inc, became interested in the purchase and you undertook sale negotiations with its Malaysian based intermediaries. Sometime in October 2012 you reached an agreement with those intermediaries to sell the property for $17,850,000. However, the purchasers prevaricated in having a written agreement for sale formally executed. You continued to follow up with the purchasers’ intermediaries but received little response.

12By mid-January 2013, Wanissa Properties was under considerable financial pressure because it was struggling to meet its ongoing obligations to creditors. To complicate matters, the building company engaged to construct the complex, Trubuilt Pty Ltd, faced a creditors petition which had been filed by the Australian Taxation Office.

13Towards the end of January, you sent a text to the main intermediary requesting a final ‘Yes or No’ as to whether Mara would be purchasing the Dudley St property.

On 30 January you received a response which stated in part: “I have discussed this thoroughly, I think to be fair to you, I would say no to the deal. There is a complication on [M]ara’s part mainly about funding …. so let’s just proceed on the basis that this is not proceeding.”

14However, on 5 February 2013 you received a further message from the same intermediary indicating that the deal would now be proceeding. The message concluded with the following statement “I will call u in the morning to discuss some internal agreement”. The ‘internal agreement’ proposed was to the effect that the agreed contract sale price should be increased from $17,850,000 to $22,600,000 and that the additional sum of $4,750,000, once paid, should then be paid by Wanissa to the intermediaries. Save for $1,350,000 of that total sum of
$4,750,000, there was nothing legitimate about that proposal because the intermediaries had never provided Wanissa with any services justifying a payment of $3,400,000.

15You agreed to the proposal and committed to paying the intermediaries
$4,750,000 after the sale of the Dudley St property at the price of $22,600,000.

16After the contract of sale had been signed in those terms in late February 2013 you became concerned about how to document the payment of the $4,750,000 to the intermediaries for accounting and tax purposes. You suggested that they prepare an invoice which they could then issue to Wanissa Properties which it could then claim as a tax-deductible business expense.

17Between 8 March 2013 and 1 August 2013, you assisted the intermediaries in drafting four invoices, three of which were false. Drafts of the invoices went back and forth with you making suggestions as to how to describe the services which appeared on the invoices (none of which had been provided) and how much money should be claimed in relation to each service itemised on an invoice.

18The property was ultimately settled on 19 July 2013 and the false invoices were issued to Wanissa on 22 July 2013. One of the invoices required correction and was re-submitted on 1 August 2013. Thereafter you accepted the invoices and arranged for their payment from the proceeds of the sale of the Dudley St property.

19The assistance you provided in drafting the false invoices and your acceptance of those invoices amounted to you concurring in the making of those false documents such as to make out the charge. The rolled-up nature of the charge encompasses the three false invoices that total $3,400,000.

20In acting in this way you disguised the fact that the entities in whose names the invoices were issued had not provided any legitimate professional services to Wanissa. You thus enabled the Malaysian intermediaries to receive illegitimate payments totalling $3,400,000.

Investigation and resolution

21In February 2015 the Australian Federal Police commenced an investigation of the sale of the Dudley St property as a result of information it had received as to illegitimate aspects of the transaction.

22You were charged with offences arising out of that transaction in July 2020. Thereafter, there was considerable negotiation with respect to what charges were appropriate to reflect the conduct involved. Because additional more serious charges were alleged the matter was listed for trial with an eight week estimate. Ultimately, a resolution was reached on the basis of a plea to the one rolled-up charge of false accounting.

23That plea, as both parties accepted, represented a significant saving in court time and resources. The trial would have been lengthy and complex involving the use of a large volume of documentary evidence from multiple sources here and from overseas

24It was also submitted that your approach to the plea negotiations was indicative of a preparedness to accept responsibility given you had not put in issue whether you had engaged in the relevant conduct. Further, that the plea was very much consistent with remorse. Accepting those matters as I do, it follows that the plea has considerable value and merits a substantial reduction in the sentence that would otherwise be imposed.

25Before assessing the circumstances surrounding this offending, I will first set out something of your personal background and current situation.

Personal circumstances

26You were born in Taiping in northern Malaysia in June 1952 and are now 72 years of age. You have no previous criminal convictions.

27You are the eldest of four children and are of Malaysian Chinese heritage. Your father worked as an accountant whilst your mother worked caring for the family. You moved away from home at the age of five to live with an aunt in Ipoh, where you undertook your schooling. Your father is still alive. He is 99 and lives in aged care - you visit him regularly. Your mother passed away in 2022.

28You moved to Australia in 1970 when you were 17, in the wake of the race riots that had occurred in Malaysia the year before. You went to Murrumbeena High School where you completed your secondary schooling going onto graduate from Monash University with a Bachelor of Economics and Politics. You subsequently became a Certified Practising Accountant.

29After qualifying you worked at ACI Ltd as a graduate accountant, moving up to become a budget accountant. In 1975, you took on a role with a subsidiary of that company based in Malaysia, known as Kuala Lumpur Glass Manufacturers. You later worked in marketing and management roles in two other companies in Kuala Lumpur.

30In 1989, you and your family moved back to Australia, where you began working as a credit manager at Australia Post. You remained there until 2009.

31In 2008 you established Wanissa Properties with two Malaysian business partners. The company was used to purchase several blocks of land on Dudley St Caufield with a view to developing that land as a student apartment complex.

32You also formed a separate privately run company, Denco Corporation, which managed large properties such as student accommodation buildings. Denco would provide services such as oversee tenancies, monitor rent receipts and general maintenance. You continued to manage Denco until your retirement in 2020.

33You have been married to your wife, Christine, for 45 years and have three adult children and six grandchildren. Your children have all pursued successful professional careers in Australia. Each of your siblings live in Glen Waverley and you enjoy close relationships with them. You attained Australian citizenship in 2016.

Character evidence

34Eleven character references from family members, friends and the president of the Peranakan Association of Australia were tendered at the plea hearing on your behalf. Your immediate and extended family all describe you as honest, hard- working and generous. They speak of your dedication and sense of duty toward your loved ones, and to the wider Chinese-Malay community in Australia.

35It is apparent that you are a strong pillar of support for your family and a role model and leader in your community. Your family, although shocked by these charges, remain proud of you. You are fortunate to have their ongoing love and support.

36You are a committee member of the Peranakan Association of Australia, where you have made positive contributions to your community and are well-regarded. You volunteer at the University of the Third Age, an educational organisation for

retirees and seniors. According to some of the references you have inspired the business ventures of a number of your friends and family. They describe being positively influenced by your guidance and advice.

37Generally, those who have provided references make clear that the offending to which you have pleaded guilty is uncharacteristic and not reflective of the man they know you to be.

Hardship

38Were you to receive a term of immediate imprisonment, it was said that your family would suffer hardship that would cause you significant distress and render the time spent in custody more burdensome.

39Your wife of 45 years has limited English and is highly dependant upon you for emotional and practical support. Her mental health has declined, it was said, as a result of the investigation and court proceedings.

40In addition, your children, primarily your youngest daughter who has three children with special needs, rely upon you to assist in caring for their own children.

Health

41A particularly important feature of your plea in mitigation related to the precarious state of your health.

42Three reports from medical practitioners were submitted on your behalf.

43In 2019, you were diagnosed with stage IV metastatic clear cell renal cancer (that is kidney cancer that had spread to other parts of the body). As explained by your oncologist, Professor Arun Azad, you underwent three cycles of ipilimumab and nivolumab immunotherapy which were completed by February 2020. Whilst you are currently in remission you require regular follow-up.

44As part of your treatment for the cancer during 2020, your left kidney was removed as were both of your adrenal glands. According to your treating endocrinologist, Dr Tina Gilbert, your adrenal insufficiency must be very carefully managed with medications including prednisolone and fludrocortisone. As Dr Gilbert states:
The prednisolone is a life-sustaining medication and it is critical he does not miss more than a dose or two, otherwise he will become acutely unwell and this will eventually result in circulatory collapse (shock) and death. When unwell, Mr Teen needs to increase the prednisolone dose. If he is unable to tolerate the oral prednisolone, such as in gastroenteritis or any other condition which results in vomiting, he will need to immediately use his provided emergency hydrocortisone via intramuscular injection. The emergency hydrocortisone should also be administered if he sustains an injury with substantial blood loss (more than a cup), or fracture. This will need to be followed by intravenous hydrocortisone within eight hours and close medical supervision.

If he does not receive the emergency hydrocortisone within a few hours he could become critically unwell. Depending on the severityof the underlying illness, hospitalization could be required in a matter of hours. In a worst case scenario, with a severe systemic illness and no hydrocortisone replacement, circulatory collapse and death could ensue in under 24 hours.

45Your General Practitioner, Dr Oi-Len Hew, reports that a long term complication of your condition has been osteoporosis involving bone loss and reduced bone density requiring steroid treatment. You are at an increased risk of bone fractures. He emphasised the importance of you adhering strictly with your treatment regime.

46He also explained that in the setting of your cancer diagnosis and multiple surgeries you had developed an adjustment disorder with depressed and anxious moods. You were referred for psychological treatment which has been ongoing.

Defence submissions

47Mr McGrath, who appeared with Ms Thies submitted there were a number of features about the way in which you committed this offence that should mitigate the penalty imposed.

48First, this venture was commenced and managed as an entirely legitimate business project.

49Second, as far back as 2010 you had entertained concerns about cash flow and construction deadlines. You sought to deal with those concerns appropriately initially by seeking to refinance and, by late 2011, looking for potential purchasers.

50Third, as the concerns with respect to the viability of the project intensified in 2012 you simply persisted through legitimate means in investing as much time and energy as you could in securing a sale.

51Fourth, it appeared by October 2012 you had succeeded in selling the property at the agreed price of $17,850,000 – a fair and reasonable price.

52Fifth, you were left “treading water”, as counsel put it, for the next three months where the purchasers would not confirm the sale. By the end of January, the sale appeared to be off. It was submitted that you had acted entirely lawfully and legitimately right throughout that process.

53Sixth, on the available evidence you were only made aware of the new price and ‘internal agreement’ in February 2013. By that stage you had spent over 12 months looking for purchasers, the project was facing significant problems and the builder had been placed in external administration because it was unable to pay its debts. There is no evidence that you were involved in negotiating the inflated price.

54Seventh, you did not instigate of the offence.

55Eighth, the price to be paid was the price originally agreed. You did not receive any tangible benefit from the offence other than that the sale was able to proceed.

56Ninth, the offence is not accompanied by allied offending commonly seen in contexts of this kind such as deception offences and foreign bribery charges.

57Tenth, there is no breach of trust as is commonly seen in this type of offending and there has not been the sort of losses, often catastrophic losses, to vulnerable investors.

58Eleventh, although you assisted in the making and refining of the false invoices to arrange for the return of the $3,400,000, that was the entirety of your criminality. You did not continue to offend until detected as is often the case.

59Beyond the circumstances of the offending counsel relied on your plea of guilty, your remorse, the absence of any prior convictions, the inordinate delay since the commission of the offences, your advanced age, your precarious health and what he contended were your excellent prospects for rehabilitation.

60Despite the importance of general deterrence in white collar offending it was submitted that there were a unique set of factors attaching both to the circumstances of the offending and those personal to you that justified the imposition of a suspended term of imprisonment. Given the age of the offending that disposition was still open.

Prosecution submissions

61Dr Harkess, who appeared with Mr Farhall argued that this offending was obviously serious given that it involved the creation of false invoices which amounted to $3.4 million.

62He acknowledged that you and your company did not receive any of the inflated payments that were the subject of the false invoices. That distinguishes this offending from many of the other false accounting offences which are often committed to conceal theft or to obtain a direct benefit.

63Nevertheless, the invoices were created to disguise inflated amounts that were ultimately paid for by the Malaysian government through Mara and received by intermediaries who had not provided any legitimate services. This was not a victimless crime – the people of Malaysia lost $3,400,000.

64It was submitted you had a direct financial interest in the completion of the purchase and had therefore created the false invoices in furtherance of a transaction from which you stood to benefit. Moreover, the relevant conduct took

place over five months between March and August 2013 and involved considerable correspondence between you and the intermediaries whilst the draft false invoices were perfected. It was submitted your conduct was deliberate and sustained. It was not a case of a one-off creation of a single document.

65Given the objective seriousness of the offending, particularly the quantum involved, a term of imprisonment with a non-parole period was submitted to be appropriate despite the mitigation put on your behalf.

Analysis

66The prosecutor was right to emphasise the serious nature of this offence. Bell J articulated why that is so in respect of this offence in Gerathy:2
…the offence of false accounting serves the fundamentally important purpose of protecting the vital interest of the community in ensuring honest accounting, that is, the accuracy, reliability and veracity of accounting documents, especially in relation to the operation of the economic and taxation systems.3

67The essence of your offence was to conceal the true nature of the payments. What you did was cover up a “kickback” engineered by the Malaysian intermediaries to the detriment of the Malaysian government. Moreover, the manner in which you did so was, I accept, deliberate and sustained.

68As in any ‘white collar’ offending general deterrence takes on particular importance not only because offenders are often well placed to weigh the benefits of committing the offence against the costs of being caught and punished, but also because of the difficulty in detecting the offending. Nevertheless, as Hollingworth J observed in Ellery,4the need to deter others may be less significant in a case where the false accounting was not done for direct personal financial benefit.5

DPP(Cth) v Gerathy [2018] VSC 289.
Ibid [27].
R v Ellery [2012] VSC 349.
Ibid [36].

69With the exception of the cases arising out of the Securency litigation, the sentencing statistics and comparative cases appear to mostly concern false accounting directed to covering up theft or to securing a benefit such as a loan to which the offender would not have been entitled. The sentences imposed in many of those cases reflect those additional kinds of aggravating components.

70This case differs, the prosecution quite fairly acknowledged, in that you did not receive any of these payments. The only tangible benefit flowing to you was that the sale went through.6 Even so the quantum of the kickback facilitated is very high. In discussion with Dr Harkess on the plea, it was made clear that it was really that feature of the offending that underpinned the Crown’s contention as to immediate imprisonment.

71Whilst the prosecution position is entirely understandable, quantum of itself cannot be determinative. I consider that the wider circumstances associated with how you came to commit this offence mitigates your position beyond the norm. As Mr McGrath emphasised and I accept, your approach to this project had been entirely legitimate and ethical. You did not instigate the offending, on the contrary, the ‘internal agreement’ was put to you when you were in a very vulnerable position having been strung out over many months by the intermediaries. Those features tend to reduce your moral blameworthiness for the offending.

72As to matters personal to you the prosecution did not take issue with any of the matters advanced on your behalf.

73The authorities make clear that considerations such as previous good character and a lack of prior convictions often carry less weight in the sentencing synthesis for offending of this kind. However, there are two features of your personal circumstances that seem to me should attract significant weight.

A suggestion was put, somewhat tentatively, that you may have benef ited indirectly because Denco secured the contract to manage the property. I do not place any weight on that consideration. It is far removed f rom the negotiations leading to the sale of the property.

74The first is the inordinate delay that has attached to this proceeding. You are now to be sentenced for an offence you committed 12 years ago. I was told that delay arose because the investigation was complex, involved multiple suspects, thousands of documents and extended overseas. The pandemic caused additional delay. In my experience it is not unusual for the investigation and prosecution of white collar offending to take longer than the norm, but this delay is extraordinary.

75It is relevant in two ways. First you have had the anxiety and uncertainty of having the prospect of a sentence of imprisonment hanging over your head for many years. That in itself is punitive.

76Second, the delay is relevant in demonstrating your rehabilitation and the weight that may need to be given to specific deterrence. As to that consideration you have not put a foot wrong in over a decade and it is clear that you have rehabilitated. It follows that emphasis on specific deterrence would be misguided.

77The second personal consideration attracting significant weight is your ill-health. Well after the commission of this offence you have had to deal with a life- threatening illness the treatment for which has left you extremely vulnerable to rapid deterioration. Were you to be incarcerated in that condition I infer that you would be even more vulnerable.7

78Your plea of guilty, particularly its utilitarian benefit to which I have already referred, taken with those two features of your personal circumstances provide for compelling mitigation.

79The maximum penalty for this offence is 10 years’ imprisonment. There was no issue on the plea given the amount involved that what you did required the

For completeness I would indicate that the f ifth and sixth principles identified in Verdins are engaged namely that imprisonment would be more onerous for this offender than a person of normal health and that there is a serious risk such imprisonment could have a significantly adverse impact on his mental health.

imposition of a term of imprisonment. The issue was whether you should be required to serve that term immediately.

80Because this offence was committed between March and August 2013 it is open to the court to suspend the term of imprisonment imposed if that sentence does not exceed three years and “the court is satisfied that it is desirable to do so in the circumstances”.8 In this case I am so satisfied.

81I consider that once the unique circumstances in which you came to commit this offence, together with the matters personal to you, are properly understood and weighed, suspension is appropriate. I am satisfied such a sentence would serve to adequately denounce your conduct and deter others.

Sentence

82Taking all relevant matters into account you will be sentenced as follows:

83On the charge of false accounting, you will be convicted and sentenced to 21 months’ imprisonment. I will order that sentence be wholly suspended for a period of 21 months.

84I will declare pursuant to s 6AAA of the Sentencing Act 1991 (Vic) that but for your plea of guilty I would have sentenced you to a total effective sentence of two years and 6 months’ immediate imprisonment and I would have set a non-parole period of 21 months.

Sentencing Act 1991 (Vic) s 27(1) as in force at the time.

EXTRACT FROM SUMMARY OF PROSECUTION OPENING FOR SENTENCE INDICATION

Date: 28 October 2024

Structure of Summary of Prosecution Opening

The remainder of this Summary of Prosecution Opening for Trial is divided into three parts:
(a)The first part identifies relevant individuals and entities involved in the sale of the Dudley Street property.
(b)The second part outlines the facts and circumstances giving rise to the alleged offences.
(c)The third part summarises the case alleged against Mr Teen with reference to the elements of the offence of false accounting as prescribed by law.

INDIVIDUALS AND ENTITIES INVOLVED

There were many persons involved in the sale of the Dudley Street property.

Negotiations over the sale of the property took place in 2012 and in the first half of 2013. Those involved in the sale included:
(a)Mr Teen;
(b)Australian-based companies owned, or partly owned by Mr Teen, and other directors of those companies;
(c)Mr Teen’s Australian business partners, including other Australian- based companies and directors of those companies, who partly owned the Dudley Street property and who were involved in its development prior to it being sold in 2013;
(d)a Malaysian statutory body, associated corporate bodies, and Malaysian public officials associated with those bodies, who were involved in the decision-making process resulting in a Malaysian government-owned investment company purchasing the Dudley Street property in 2013;
(e)other Malaysian companies, and individuals associated with those companies, who acted as intermediaries for the Malaysian government bodies in negotiating the purchase of the Dudley Street property, and who presented the four false invoices to Mr Teen for payment; and
(f)professionals, including accountants, lawyers, property valuers and bankers who dealt with Mr Teen and those individuals representing the Malaysian government interests in relation to the Dudley Street property transaction.

Mr Teen and Related Entities

Mr Teen

Mr Teen is 74 years of age (born on [omitted] 1952). At the time of alleged offending:
(a)He was 60 years of age.
(b)He resided at [omitted], Vermont South.¹
(c)He used mobile phone number [omitted] 129.²

¹ Statement of Mark Weber dated 6 June 2017 (Depositions, AFP Exhibit 0138170), [4]; Statement of Adrian Guadagnuolo dated 15 May 2017 (Depositions, AFP Exhibit 0138174), [4]; Statement of Andrew Hiscoe dated 11 August 2015 (Depositions, AFP Exhibit 0154099), [4]-[6]; Statement of Bradley Scott

Lucas dated 4 September 2015 (AFP Exhibit 0154105).

² See, for example, email from Dennis Teen to C S Price dated 26 May 2009 (Depositions, AFP Exhibit 0135480); email from Dennis Teen to Kee Saw, Gani Yusof, Azizi Ahmad and Christopher Dimitriou dated 4 September 2009 (Depositions, AFP Exhibit 0138130); email from Dennis Teen to Dazma Shah

Daud dated 23 July 2013 (Depositions, AFP Exhibit 0154046). See, also, Statement of Jason Betts (Telstra) dated 24 February 2021 (Depositions, AFP Exhibit 0154180), indicating that between 1 April 2008 and 23 April 2016 mobile phone service number [omitted]129 was connected to an account in the name of Accenture Aust Holdings Pty Ltd with a billing name and address of Miss Yih-Jeh Teen of [omitted], Vermont South VIC 3133.

(d)He was a director and majority shareholder of Wanissa Properties. He was appointed as a director of Wanissa Properties on 22 September 2008, being the same date on which the company was incorporated.³
(e)He was the sole director and sole shareholder of another Australian- based company, Denco Corporation Pty Ltd (‘Denco Corporation’). He was appointed as director of Denco Corporation on 16 July 1997, being the same date on which the company was incorporated.⁴
(f)He was a director and shareholder of a Malaysian-based company, Pavilion Straits Sdn Bhd (‘Pavilion Straits’). He was appointed as a director of Pavilion Straits on 28 April 2011.⁵
(g)Mr Teen used his personal email address [omitted]@gmail.com in all his business dealings, including when acting in his capacity as a director of Wanissa Properties.⁶

Wanissa Properties

Wanissa Properties is a privately owned Australian company having its registered office at KST Partners, an accountancy firm, which is located at Level 9, 167 Queen Street VIC 300. When Wanissa Properties was incorporated on 22 September 2008, the original directors and shareholders of Wanissa Properties included:⁷
(a)Mr Teen;

³ ASIC Historical Company Extract (Wanissa Properties Pty Ltd) dated 17 August 2017 (Depositions, AFP Exhibit 0138277).

⁴ ASIC Historical Company Extract (Denco Corporation Pty Ltd) dated 17 August 2017 (Depositions, AFP Exhibit 0153993). See, also, letter from Denco to Dennis Teen dated 5 May 2009 (Depositions, AFP Exhibit 0135482), a letter on Denco’s letterhead addressed to himself explaining that Denco is in the business of managing student accommodation for international students.

⁵ Companies Commission of Malaysia Corporate Information (Pavilion Straits Sdn Bhd) dated 14 August 2017 (Depositions, AFP Exhibit 0138279).

⁶ See, for example, email from Denis Teen to Azizi Ahmad dated 25 April 2008 (Depositions, AFP Exhibit 0138143), email from Dennis Teen to Christopher Dimitriou dated 29 March 2009 (Depositions, AFP Exhibit 0138156), email from Dennis Teen (Denco Corporation Pty Ltd) to Kee Saw dated 4 September 2009 (Depositions, AFP Exhibit 138130), email from Dennis Teen to Christopher Dimitriou dated 23 October 2011 (Depositions, AFP Exhibit 0154149), email from Dennis Teen to Muhamad Zawani Zainal and Dazma Shah Daud dated 2 May 2012 (Depositions, AFP Exhibit 0138224), email from Kelvin Brown (National Australia Bank) to Dennis Teen dated 4 June 2012 (Depositions, AFP Exhibit 0138227),

⁷ ASIC Historical Company Extract (Wanissa Properties Pty Ltd) dated 17 August 2017 (Depositions, AFP Exhibit 0138277).

(b)Abd Gani Yusof (‘Gani Yusof’), a property developer and businessman who resided in Malaysia;⁸ and
(c)Azizi Yom Ahmad (‘Azizi Ahmad’), an accountant and businessman who also resided in Malaysia.⁹

Mr Teen had incorporated Wanissa Properties for the purpose of using the company to purchase several blocks of land on Dudley Street, Caufield with a view to developing the land into a student apartment complex. He had approached Gani Yusof and Azizi Ahmad to invest in the project. They accepted Mr Teen’s proposal and that is why they, too, became directors and shareholders of Wanissa Properties.¹⁰
In 2009, Wanissa Properties purchased three of the four blocks located at 7-13 Dudley Street, Caulfield East (houses 7, 9 and 13).¹¹ The other block, 11 Dudley Street, Caulfield East was secured by another Australian company, PMCD Investments Pty Ltd (‘PMCD Investments’).¹²
On 6 May 2009, Wanissa Properties and PMCD Investments entered into a joint venture agreement to develop all four blocks at 7-13 Dudley Street

⁸ See Statutory Declaration of Susan Jane San Juan dated 29 August 2017 (Depositions, AFP Exhibit 0138297), attaching incoming and outgoing passenger cards collected by Australian Border Force from Gani Yusof in which Gani Yusof declares his occupation to be ‘company director’, ‘businessman’, or ‘developer’.

⁹ See Statutory Declaration of Susan Jane San Juan dated 29 August 2017 (Depositions, AFP Exhibit 0138292), attaching incoming and outgoing passenger cards collected by Australian Border Force from Azizi Ahmad in which Azizi Ahmad declares his occupation to be ‘C. Accountant’.

¹⁰ See email from Dennis Teen to Azizi Ahmad dated 25 April 2008 (Depositions, AFP Exhibit 0138143), Mr Teen proposing the purchase of several Dudley Street properties and inviting Azizi Ahmad to express interest in the investment; email from Dennis Teen to Azizi Ahmad and Ghani Yusof dated 29 September 2008 (Depositions, AFP Exhibit 0138150), in which Mr Teen refers to the ‘Caufield Project’ and provides an update as to the anticipated purchase of 7, 9, 11 and 13 Dudley Street, Caulfield and requesting their ‘urgent decision’ to purchase the four properties; email from Azizi Ahmad to Dennis Teen and Ghani Yusof dated 2 October 2008 (Depositions, AFP Exhibit 138149), confirming that all three directors of Wanissa Properties agree for Wanissa Properties to purchase the four Dudley Street properties; email from Dennis Teen to Azizi Amad dated 13 May 2009 (Depositions, AFP Exhibit 0138155), in which Mr Teen states, ‘Wanissa Properties (for now) is formed as a SPV Co for this project’.

¹¹ See email from Dennis Teen to Jeff Martin and Peter Nevile dated 27 March 2009 (Depositions, AFP Exhibit 0138151).

¹² See email from Dennis Teen to Jeff Martin and Peter Nevile dated 27 March 2009 (Depositions, AFP Exhibit 0138151); Joint Venture Agreement between Wanissa Properties and PMCD Investments dated 6 May 2009 (Depositions, AFP Exhibit 0138154).

(‘Dudley Street property’), Caulfield into the student apartment complex that would become known as Dudley International House.¹³

Azizi Ahmad ceased being a director and shareholder of the company on
4 March 2010. However, Mr Teen continued to hold shares in Wanissa Properties on trust for both Gani Yusof and Azizi Ahmad.¹⁴ Mr Teen would appear to have retained legal ownership of the shares to comply with foreign investment legal requirements.¹⁵ Azizi Ahmad also maintained business relations with Mr Teen by becoming a major shareholder in Mr Teen’s Malaysian-based company, Pavilion Straits.¹⁶
Denco Corporation

Denco Corporation is a separate privately owned company that was run by Mr Teen as a property investment management business. Through Denco Corporation, Mr Teen offered property investors, who had a share in the

¹³ See Joint Venture Agreement between Wanissa Properties and PMCD Investments dated 6 May 2009 (Depositions, AFP Exhibit 0138154). See, also, correspondence between Mr Teen and others evidencing the background negotiations between the parties leading up to the signing of the Joint Venture Agreement, including: email from Dennis Teen to Christopher Dimitriou dated 12 February 2009 (Depositions, AFP Exhibit 0135481), referring to a Westpac loan approval and asking Mr Dimitriou to have his solicitor complete the draft joint venture agreement before Mr Teen and Mr Dimitriou meet with Gani Yusof and Azizi Ahmad to present the case for the joint venture; email dated 27 March 2009 from Dennis Teen to Jeff Martin and Peter Nevile dated 27 March 2009 (Depositions, AFP Exhibit 0138151), referring to the structure of the joint venture agreement, with Azizi Ahmad and Gani Yusof being said to be responsible for servicing a loan from Westpac in the amount of $3,435,000 secured over the properties situated at 7, 9 and 13 Dudley Street, Caufield, and that the ‘split’ in interest in the joint venture between Wanissa Properties and PMCD Investments will be 73% and 27%, respectively, which also reflect the proportion of costs that each party must bear in paying for the construction and development costs; email from Dennis teen to Christopher Dimitriou dated 29 March 2009 (Depositions, AFP Exhibit 0138156), Mr Teen inviting Mr Dimitriou to a meeting with Gani Yusof and Azizi Ahmad who were, at that time, staying at the Crown hotel in Melbourne; email from Dennis Teen to Gani Yusof and Azizi Ahmad dated 8 April 2009 (Depositions, AFP Exhibit 0135479), informing them about a planned visit by Mr Teen and Mr Dimitriou to Malaysia to meet with them to discuss the planned joint venture and for Mr Dimitriou to see construction projects in Malaysia which Gani Yusof and Azizi Ahmad had been involved in.

¹⁴ See email from Dennis Teen to K G Ong dated 21 July 2013 (Depsitions, AFP Exhibit 0154041)

¹⁵ See email correspondence between Dennis Teen and Konstantino Kalymnios (Bankwest) from 21 January 2009 to 11 February 2009 (Depositions, AFP Exhibit 0138123); email from Dennis Teen to Azizi Amad dated 13 May 2009 (Depositions, AFP Exhibit 0138155), in which Mr Teen explains why he, rather than Azizi Amad and Gani Yusof, must hold the majority of shares in Wanissa Properties because he is an Australian citizen and resident and they are not (referring to Foreign Investment and Review Board rules).

¹⁶ Companies Commission of Malaysia Corporate Information (Pavilion Straits Sdn Bhd) dated 14 August 2017 (Depositions, AFP Exhibit 0138279).

ownership of large properties such as student accommodation buildings, his services as a property manager.

Mr Teen would monitor and maintain the buildings, oversee their tenancies and rent receipts, and provide reports to the investors on a periodic basis.
Denco Corporation would charge a fee to the property investors for providing this service.¹⁷

PMCD Investments and Related Entities

PMCD Investments

PMCD Investments is a privately owned Australian company based in Melbourne.¹⁸
At the time of alleged offending, the directors and beneficial owners of PMCD Investments included:
(a)Christopher Dimitriou (‘Mr Dimitriou’);¹⁹
(b)Peter Mills;²⁰
(c)Steven Mills (son of Peter Mills);²¹
(d)Richard Mills (another son of Peter Mills).²²

¹⁷ See letter from Denco Corporation (Dennis Teen) to Mara Incorporated (Dato Halim Rahim, CEO) dated 27 June 2013 (Depositions, AFP Exhibit 0154172), in which Mr Teen proposes to manage student accommodation property complexes in Australia owned by Mara Incorporated, including UniLodge located on Swanston Street, Melbourne and Dudley International House located on Dudley Street, Caulfield; Management Agreement between Thrushcross Land Holdings Limited and Denco Corporation Pty Ltd dated 1 April 2013 (Depositions, AFP Exhibit 0153360), pursuant to which Thrushcross Land Holdings Limited engages Denco Corporation’s property management services in relation to 7-13 Dudley Street, Caulfield East, Victoria 3145; letter from Denco Corporation Pty Ltd (Dennis Teen) to Lincolns Lawyers (Kenny Yip) dated 27 June 2013 (Depositions, AFP Exhibit 0133792-3), 202, in which Mr Teen refers to a management agreement in place between Denco Corporation and Thrushcross Land Holdings Limited

¹⁸ ASIC Historical Company Extract (PMCD Investments Pty Ltd) dated 17 August 2017 (Depositions, AFP Exhibit 0138289).

¹⁹ ASIC Historical Company Extract (PMCD Investments Pty Ltd) dated 17 August 2017 (Depositions, AFP Exhibit 0138289).

²⁰ ASIC Historical Company Extract (PMCD Investments Pty Ltd) dated 17 August 2017 (Depositions, AFP Exhibit 0138289).

²¹ ASIC Historical Company Extract (PMCD Investments Pty Ltd) dated 17 August 2017 (Depositions, AFP Exhibit 0138289)

²² ASIC Historical Company Extract (PMCD Investments Pty Ltd) dated 17 August 2017 (Depositions, AFP Exhibit 0138289); Statement of Richard Mills dated 15 February 2017 (Depositions, AFP Exhibit 0154093), [9].

As a result of the joint venture agreement that it had entered into with Wanissa Properties, PMCD Investments acquired 27 percent of Wanissa Properties’ shares.²³
Trubuilt Projects

Mr Dimitriou and Peter Mills were also directors and shareholders of a construction company, Trubuilt Projects Pty Ltd (‘Trubuilt Projects’).²⁴
As part of the joint venture between Wanissa Properties and PMCD Investments, Wanissa Properties agreed to engage Trubuilt Projects to carry out the construction works that would transform the Dudley Street property into a student apartment complex.
On 26 October 2009, Wanissa Properties and Trubuilt Projects entered into a formal written contract in relation to the construction works. By the terms of that contract, Trubuilt Projects agreed to carry out all the building works that would be necessary to convert the Dudley Street property into a student apartment complex. In return, Wanissa Properties agreed to pay Trubuilt Projects for the provision of those works.²⁵ Throughout 2010, 2011 and 2012, Trubuilt Projects carried out the construction works and invoiced Wanissa Properties on a periodic basis.²⁶

²³ ASIC Historical Company Extract (Wanissa Properties Pty Ltd) dated 17 August 2017 (Depositions, AFP Exhibit 0138277), showing a change to the register of members occurring on 7 September 2009 when PMCD Investments were issued with 37 shares in Wanissa Properties, bringing the total number of shares issued to 137. See, also, email from Dennis Teen to Kee Saw, Gani Yusof, Azizi Ahmad and Christopher Dimitriou dated 4 September 2009 (Depositions, AFP Exhibit 0138130), explaining the issue of shares to PMCD Investments.

²⁴ ASIC Historical Company Extract (Trubuilt Projects Pty Ltd) dated 17 August 2017 (Depositions, AFP Exhibit 0138137).

²⁵ Contract between Wanissa Properties Pty Ltd and Trubuilt Projects Pty Ltd dated 26 October 2009 (Depositions, AFP Exhibit 0138135).

²⁶ See, for example, email from Dennis Teen to Luke Hong dated 3 January 2011 (Depositions, AFP Exhibit 0154127), attaching invoices submitted to Wanissa Properties by Trubuilt Projects for payment; See, also, letter from Trubuilt Projects (Christopher Dimitriou) to Wanissa Properties (Dennis Teen) dated 13 December 2011 (Depositions, AFP Exhibit 0138194), in which Mr Dimitriou requested more funds from Wanissa Properties so that the construction works can progress in accordance with the joint venture; email from Dennis Teen to Christopher Dimitriou dated 11 February 2012 (Depositions, AFP Exhibit 0138206), in which Mr Teen indicates a further payment of $1,200,000 payment being made to Trubuilt Projects on 26 January 2012 and requesting Mr Dimitriou’s written acknowledgement of that fact.

MARA and Related Entities

MARA

Majlisi Amanah Rakyat (‘MARA’) is a corporate body that is a statutory authority of the government of Malaysia. MARA translates into English as ‘Council of Trust for the People’.
MARA was created by the Majlis Amanah Rakyat Act 1966 (‘the MARA Act’), an Act of the Parliament of Malaysia that came into effect on 1 March 1966. MARA continues to operate as a statutory agency of the government of Malaysia today.²⁷
MARA Incorporated Sdn Bhd

MARA Incorporated Sdn Bhd (‘Mara Incorporated’) is a Malaysian-based company that was established by MARA in 1979. Mara Incorporated is a corporation that is used by MARA to carry out MARA’s statutory business and investment functions. This includes purchasing, developing and managing land. Mara Incorporated is wholly owned by MARA and is therefore a company that is wholly owned by the government of Malaysia.²⁸
In 2012 and 2013, senior officials at Mara Incorporated were involved in the evaluation, negotiation, decision-making and authorisation processes that resulted in Mara Incorporated purchasing Dudley International House in 2013. Those senior officials included:
(a)Mohammad Lan bin Allani (‘Mohammad Allani’), the Chairman of the Board of Directors of Mara Incorporated;²⁹

²⁷ As to Mr Teen’s understanding of MARA and its relationship with is corporate investment entities, see email correspondence from Dennis Teen to himself and to others dated 5 and 15 April 2013 where he has documented his own understanding of the relevant relationships (Depositions, AFP Exhibit 0154200, at 3, 8, 9, 81-82).

²⁸ Affidavit of Nor Syairah Binti Sulaiman dated 8 January 2022 (Depositions, AFP Exhibit 0154213), Annexure D – Companies Commission of Malaysia Corporate Information (Mara Incorporated Sdn Bhd).

²⁹ Affidavit of Nor Syairah Binti Sulaiman dated 8 January 2022 (Depositions, AFP Exhibit 0154213), Annexure D – Companies Commission of Malaysia Corporate Information (Mara Incorporated Sdn Bhd), showing Mohammad Lan Allani’s appointment as a director of Mara Incorporated. As to the evidence of Mohammad Lan Allani’s involvement in the purchase by Mara Incorporated of Dudley International House, see: Affidavit of Usha Naidu (Westpac) dated 23 February 2017 (Depositions, AFP Exhibit 0154072), Annexure “WG3” (at 9), attaching a Commercial Loan Agreement between Westpac and Thrushcross Land Holdings Limited dated 25 June 2013 (at 10) relating to a loan of $3,000,000

(b)Abd Halim bin A Rahim (‘Halim Rahim’), the Chief Executive Officer of Mara Incorporated;³⁰ and

granted by Westpac to fund the purchase of goods and equipment in the Dudley International House transaction, signed by Mohammad Lan Allani and Abd Halim A Rahim in their capacities as directors of Thrushcross Land Holdings Limited (at 18 and 24); Affidavit of Usha Naidu (Westpac) dated 19 May 2017 (Depositions, AFP Exhibit 0154073), Annexure “WG6” (at 33), attaching Westpac documentation relating to the approval of two loans to Thrushcross Land Holdings Limited in the amounts of $3,000,000 and $20,000,000, respectively (at 35-49), signed in acknowledgement and acceptance by Mohammad Lan Allani and Abd Halim A Rahim in their capacities as directors of Thrushcross Land Holdings Limited on 25 June 2013 (at 50-51), and Westpac subsequently recognising Mohammad Lan Allani, Abd Halim A Rahim and Zainal Zol Kulop Alang as authorised signatories in relation to the loan account created by Westpac for Thrushcross Land Holdings Limited (at 95); Lincolns Lawyers file relating to Thrushcross Land Holdings Limited mortgage of 746 Swanston Street, Carlton and 7-13 Dudley Street, Caulfield East granted to Westpac (Depositions, AFP Exhibit 013792-3), including an undated Tripartite Deed between Thrushcross Land Holdings Limited, Denco Corporation Pty Ltd and Westpac Banking Corporation (at 207) and signed by Mohammad Lan Allani in his capacity as a both a director of Thrushcross Land Holdings Limited and Chairman of Mara Incorporation, and by Abd Halim A Rahim in his capacity as both a director of Thrushcross Land Holdings Limited and Chief Executive Officer of Mara Incorporated; Statement of Susan Jane San Juan dated 23 May 2017 (Depositions, AFP Exhibit 0154123), providing information about the movements of Mohammad Lan Allani in and out of Australia for the period 1 January 2008 to 31 December 2014; Statutory Declaration of Susan Jane San Juan dated 29 August 2017 (Depositions, AFP Exhibit 0138293), attaching incoming and outgoing passenger cards completed by Mohammad Lan Allani and collected by Australian Border Force over the period 1 January 2008 to 31 December 2014. The Australian Border Force movement records show that Mohammad Lan Allani travelled from Malaysia to Australia and then returned to Malaysia on the following dates: 11 July 2012 (returned 17 July 2012), 13 November 2012 (returned 5 November 2012),

23 December 2012 (returned 2 January 2013), and 22 June 2013 (returned 25 June 2013)..

³⁰ As to evidence showing that Abd Halim A Rahim was the Chief Executive Officer of Mara Incorporated, see: business card provided to KST Partners (Depositions, AFP Exhibit 0133788); Lincolns Lawyers file relating to Thrushcross Land Holdings Limited mortgage of 746 Swanston Street, Carlton and 7-13 Dudley Street, Caulfield East granted to Westpac (Depositions, AFP Exhibit 013792- 3), which includes an undated Tripartite Deed between Thrushcross Land Holdings Limited, Denco Corporation Pty Ltd and Westpac Banking Corporation (at 207) and signed by Abd Halim A Rahim in his capacity as both a director of Thrushcross Land Holdings Limited and Chief Executive Officer of Mara Incorporated. As to the evidence of Abd Halim A Rahim’s involvement in the purchase by Mara Incorporated of Dudley International House, see: Contract of Sale of Real Estate relating between Thrushcross Land Holdings Limited (Purchaser) and Wanissa Properties Pty Ltd and PMCD Investments Pty Ltd (Vendor) dated 25 February 2013 (Depositions, AFP Exhibit 0154164) signed by Abd Halim A Rahim on behalf of Thrushcross Land Holdings Limited; letter from Denco Corporation (Denis Teen) to Abd Halim A Rahim dated 27 June 2013 (Depositions, AFP Exhibit 0154172), in which Mr Teen identifies Abd Halim A Rahim as being the Chief Executive Officer of Mara Incorporated and seeks to negotiate with him in that capacity an agreement to be entered into by Mara Incorporated and Denco Corporation relating to the ongoing management of student accommodation investment properties in Australia owned by Mara Incorporated; Commonwealth Bank of Australia CommBiz Application made by Thrushcross Land Holdings Limited dated 7 March 2013 (Depositions, AFP Exhibit 0133778), showing Mohammad Lan Allani and Abd Halim A Rahim in their capacities as directors of Thrushcross Land Holdings Limited made an application to open bank accounts with the Commonwealth Bank of Australia (and indicating that Mohammad Lan Allani, and Zainal Zol Kulop Alang would be authorised signatories); Affidavit of Usha Naidu (Westpac) dated 23 February 2017 (Depositions, AFP Exhibit 0154072), Annexure “WG3” (at 9), attaching a Commercial Loan Agreement

(c)Zainal Zol Kulop Alang (‘Zainal Zol Alang’), Corporate Finance and Investment Manager and the Head of Property Investment at Mara Incorporated.³¹

between Westpac and Thrushcross Land Holdings Limited dated 25 June 2013 (at 10) relating to a loan of $3,000,000 granted by Westpac to fund the purchase of goods and equipment in the Dudley International House transaction, signed by Mohammad Lan Allani and Abd Halim A Rahim in their capacities as directors of Thrushcross Land Holdings Limited (at 18 and 24); Affidavit of Usha Naidu (Westpac) dated 19 May 2017 (Depositions, AFP Exhibit 0154073), Annexure “WG6” (at 33), attaching Westpac documentation relating to the approval of two loans to Thrushcross Land Holdings Limited in the amounts of $3,000,000 and $20,000,000, respectively (at 35-49), signed in acknowledgement and acceptance by Mohammad Lan Allani and Abd Halim A Rahim in their capacities as directors of Thrushcross Land Holdings Limited on 25 June 2013 (at 50-51), and Westpac subsequently recognising Mohammad Lan Allani, Abd Halim A Rahim and Zainal Zol Kulop Alang as authorised signatories in relation to the loan account created by Westpac for Thrushcross Land Holdings Limited (at 95); Statement of Susan Jane San Juan dated 23 May 2017 (Depositions, AFP Exhibit 0154113), providing information about the movements of , Abd Halim A Rahim in and out of Australia for the period 1 January 2008 to 31 December 2014; Statutory Declaration of Susan Jane San Juan dated 24 August 2017 (Depositions, AFP Exhibit 0138302), attaching incoming and outgoing passenger cards completed by , Abd Halim A Rahim and collected by Australian Border Force over the period 1 January 2008 to 31 December 2014. The Australian Border Force movement records show that Abd Halim A Rahim travelled from Malaysia to Australia and then returned to Malaysia on the following dates: 20 May 2012 (returned 24 May 2012), 11 July 2012 (returned 17 July 2012), 14 September 2012 (returned 16

September 2012), 24 February 2013 (returned 2 March 2013) and 25 June 2013 (returned 2 July 2013).

³¹ As to evidence showing that Zainal Zol Kulop Alang was the Head of Property Investment at Mara Incorporated and involved in the purchase of Dudley International House, see: business card provided to KST Partners (Depositions, AFP Exhibit 0133788); Statement of Brae Falcon Sokolski (MaxCap Group) dated 9 November 2016 (Depositions, AFP Exhibit 0154098), [7]; Statement of Alexander Au (Lincolns Lawyers) dated, [18], [24]; documents produced by Westpac in relation to Thrushcross Land Holdings Limited (Depositions, AFP Exhibit 0133779), showing correspondence between Westpac and Zainal Zol Kulop Alang in his capacity as Head of Property Investment at Mara Incorporated, relating to the Westpac loan and mortgage in relation to Dudley International House; ; Mara Investment (Australia) Pty Ltd, Minutes of the Board of Directors Meeting held on 7 May 2014 (Depositions, AFP Exhibit 0133803), 1, in which Zainal Zol Kulop Alang is identified as Head of Property Investment at Mara Incoporated; Lincolns Lawyers file relating to Thrushcross Land Holdings Limited mortgage of 746 Swanston Street, Carlton and 7-13 Dudley Street, Caulfield East granted to Westpac (Depositions, AFP Exhibit 013792-3), indicating that Zainal Zol Kulop Alang was the authorised representative of Thrushcross Land Holdings Limited and Mara Incorporated to give instructions to Lincolns Lawyers who carried out the purchase of Dudley International House on behalf of the purchaser (at 2, file summary sheet; at 26, a letter addressed to Zainal Zol Kulop Alang and sent to his email address using Mara Incorporated’s domain name and confirming his instructions in relation to the purchase of Dudley International House); email from Zainal Zol Kulop Alang to Zach Zainal dated 7 March 2013 (Depositions, AFP Exhibit 0154165) in which Mr Zainal requests assistance from Muhammad (‘Zach’) Zainal in obtaining financial information about Dudley International House after the signing of the contract of sale but prior to settlement in 2013; Statement of Susan Jane San Juan dated 23 May 2017 (Depositions, AFP Exhibit 0154112), providing information about the movements of Zainal Zol Kulop Alang in and out of Australia for the period 1 January 2008 to 31 December 2014; Statutory Declaration of Susan Jane San Juan dated 29 August 2017 (Depositions, AFP Exhibit 0138295), attaching incoming and outgoing passenger cards completed by Zainal Zol Kulop Alang and collected by Australian Border Force over the period 1 January 2008 to 31 December 2014. The Australian Border Force movement

Mohammad Allani, Halim Rahim and Zainal Zol Alang were instrumental in authorising Mara Incorporated to purchase the Dudley Street property from Wanissa Properties and PMCD Investments in 2013 for a price of $22,600,000.

Thrushcross Land Holdings Limited

Mohammad Allani, Halim Rahim and Zainal Zol Alang ultimately arranged for another corporate entity owned by Mara Incorporated to purchase the Dudley Street property in 2013, Thrushcross Land Holdings Limited (‘Thrushcross Land Holdings’).
Thrushcross Land Holdings is a corporation based in the British Virgin Islands.³² It was incorporated in the British Virgin Islands on 27 April 2010 and registered in Australia as a foreign company on 18 January 2013.³³ All shares held in this company are owned by Mara Incorporated. Mohammad Allani and Halim Rahim, the two most senior officials at Mara Incorporated, were also directors of Thrushcross Land Holdings at the time the company purchased the Dudley Street property in 2013.³⁴
Other Companies Owned by Mara Incorporated

Other corporations that were wholly owned by Mara Incorporated at the time of alleged offending include:
(a)Mara Investment (Australia) Pty Ltd (‘Mara Investment (Australia)’), an Australian-based company;³⁵ and

records show that Zainal Zol Kulop Alang travelled from Malaysia to Australia and then returned to Malaysia on the following dates: 11 July 2012 (returned 17 July 2012), 13 November 2012 (returned 15

November 2012), 25 February 2013 (returned 2 March 2013) and 23 June 2013 (returned 27 June 2013). The Prosecution contends that the evidence establishes that several of those visits to Australia were for the purpose of progressing the evaluation, negotiation, decision-making and authorisation processes that led to the purchase of Dudley International House by Mara Incorporated’s wholly owned subsidiary, Thrushcross Land Holdings Limited.

³² ASIC Historical Company Extract (Thrushcross Land Holdings Limited) dated 17 August 2017 (Depositions, AFP Exhibit 0138356).

³³ ASIC Historical Company Extract (Thrushcross Land Holdings Limited) dated 17 August 2017 (Depositions, AFP Exhibit 0138356), attaching (at 163) Certificate of Incorporation dated 27 April 2010.

³⁴ ASIC Historical Company Extract (Thrushcross Land Holdings Limited) dated 17 August 2017 (Depositions, AFP Exhibit 0138356).

³⁵ ASIC Historical Company Extract (Mara Investment (Australia) Pty Ltd) dated 14 June 2017 (Depositions, AFP Exhibit 0138182),

(b)Pelaburan Mara Berhad, a Malaysian-based company.³⁶

MARA’s Intermediaries

Optimus Capital and Related Individuals

Optimus Capital Group of Companies Sdn Bhd (‘Optimus Capital’) is a privately owned company based in Malaysia that was incorporated on
31 March 2008.³⁷ At the time of alleged offending, several Malaysian businessmen, who resided in Malaysia and worked for Optimus Capital, functioned as intermediaries for Mara Incorporated in relation to the negotiation and purchase of the Dudley Street property:
(a)Mazrul Haizad Bin Marof (‘Izad Marof’) was a director and major shareholder of Optimus Capital. He used email address [omitted]@yahoo.com in his business dealings with others, including in relation to the sale of the Dudley Street property.³⁸
(b)Ahmad Nazim Abd Rahman (‘Nazim Rahman’) worked for Optimus Capital and was the person principally responsible for negotiating with Mr Teen in relation to the acquisition of the Dudley Street property on behalf of Mara Incorporated’s wholly owned subsidiary, Thrushcross Land Holdings. In the course of carrying out that function in 2012 and 2013:
(i)Nazim Rahman used email address [omitted]@gmail.com in all his email communications with Mr Teen and other professionals involved in the transaction.³⁹

³⁶ Companies Commission of Malaysia, Corporate Information relating to Pelaburan Mara Berhad dated 14 August 2014 (Depositions, AFP Exhibit 0138280).

³⁷ Companies Commission of Malaysia, Corporate Information relating to Optimus Capital Group of Companies Sdn Bhd dated 14 August 2014 (Depositions, AFP Exhibit 0138286); Affidavit of Nor Syairah Binti Sulaiman dated 8 January 2022 (Depositions, AFP Exhibit 0154213), Annexure F –

Companies Commission of Malaysia Corporate Information relating to Optimus Capital Group of Companies Sdn Bhd.

³⁸ Companies Commission of Malaysia, Corporate Information relating to Optimus Capital Group of Companies Sdn Bhd dated 14 August 2014 (Depositions, AFP Exhibit 0138286); Statutory Declaration of Susan Jane San Juan dated 29 August 2017 (Depositions, AFP Exhibit 0138294), attaching incoming

and outgoing passenger cards completed by Mazrul Haizad Marof and collected by Australian Border Force over the period 1 January 2008 to 31 December 2014, in which Mazrul Haizad Marof discloses his email address as being [omitted]@yahoo.com.

³⁹ See Statutory Declaration of Susan Jane San Juan dated 21 August 2017 (Depositions, AFP Exhibit 0138299), attaching incoming and outgoing passenger cards completed by Ahmad Nazim Abd Rahman

(ii)Nazim Rahman held himself out to both Mr Teen and to others as acting on behalf of both Optimus Capital and MARA-related entities, including Thrushcross Land Holdings, in negotiating the purchase of the Dudley Street property.
(iii)Nazim Rahman included Izad Marof, a director of Optimus Capital, in many of his email communications about the Dudley Street property acquisition when negotiations reached a critical stage.
(iv)Nazim Rahman was the MARA intermediary who reached an agreement with Mr Teen in October 2012 that resulted in Wanissa Properties agreeing to accept $17,850,000 for the purchase of the Dudley Street property.
(v)Nazim Rahman was also the MARA intermediary who, in early February 2013, proposed to Mr Teen that the purchase price be increased to $22,600,000 and that the $4,750,000 difference between $22,600,000 and $17,850,000 be paid by Wanissa Properties to the Optimus Capital intermediaries.

(c)Dazma Shah Daud (‘Dazma Daud’) also worked for Optimus Capital. He used email address [omitted]@yahoo.co.uk in his business dealings.⁴⁰ Dazma Daud was one of Optimus Capital’s representatives to first visit Melbourne to inspect the Dudley Street property and discuss its potential acquisition with Mr Teen.
(d)Muhamad Zawani Zainal (‘Zach Zainal’) also worked for Optimus capital. He used email address [omitted]@gmail.com.⁴¹ He accompanied Dazma Daud on the first visit by Optimus Capital’s representatives to Melbourne to inspect the Dudley Street property.

and collected by Australian Border Force over the period 1 January 2008 to 31 December 2014, in which Ahmad Nazim Abd Rahman discloses his email address as being [omitted]@gmail.com.

⁴⁰ See Statutory Declaration of Susan Jane San Juan dated 29 August 2017 (Depositions, AFP Exhibit 0138296), attaching incoming and outgoing passenger cards completed by Dazma Shah Daud and collected by Australian Border Force over the period 1 January 2008 to 31 December 2014, in

which Dazma Shah Daud discloses his email address as being [omitted]@yahoo.co.uk.

⁴¹ See Statutory Declaration of Susan Jane San Juan dated 29 August 2017 (Depositions, AFP Exhibit 0138291), attaching incoming and outgoing passenger cards completed by Muhamad Zawani Zainal and collected by Australian Border Force over the period 1 January 2008 to 31 December 2014,

in which Muhamad Zawani Zainal discloses his email address as being [omitted]@gmail.com.

Following the sale of the Dudley Street property in 2013 to Thrushcross Land Holdings, Izad Marof, Nazim Rahim, Dazma Daud and Zach Zainal all worked together to ensure that Mr Teen, on behalf of Wanissa Properties, paid the
$4,750,000 he had promised to Optimus Capital and its associated entities.

Optimus Capital’s Associated Entities

TRR Heritage Sdn Bhd (‘TRR Heritage’) is a privately owned Malaysian-based company that was incorporated on 5 April 1995. At the time of alleged offending, Izad Marof was the sole director and majority shareholder of TRR Heritage.⁴²
Leuven Capital Sdn Bhd (‘Leuven Capital’) is a privately owned Malaysian- based company that was incorporated on 29 November 2005. This company was originally called ‘FRP Prestige Sdn Bhd’ but changed its name to ‘Leuven Capital’ on 6 June 2013.⁴³
TRR Heritage, Leuven Capital, and Optimus Capital were the three Malaysian companies whose names appeared on the four false invoices totalling
$4,750,000 that were presented to Mr Teen for payment, and which Mr Teen subsequently paid on behalf of Wanissa Properties

KV Properties

KV Properties Pty Ltd was a privately owned Australian company that was incorporated on 12 October 2012.⁴⁴ This company had been set up by Nazim Rahman on the claimed basis that it would be used as the corporate entity to purchase the Dudley Street property when agreement was first reached with Mr Teen to purchase the property for $17,850,000. However, a contract of sale between Wanissa Properties and KV Properties never eventuated.

⁴² Companies Commission of Malaysia, Corporate Information relating to TRR Heritage Sdn Bhd dated 14 August 2014 (Depositions, AFP Exhibit 0138287); Affidavit of Nor Syairah Binti Sulaiman dated 8 January 2022 (Depositions, AFP Exhibit 0154213), Annexure B – Companies Commission of Malaysia Corporate Information relating to TRR Heritage Sdn Bhd.

⁴³ Companies Commission of Malaysia, Corporate Information relating to Leuven Capital Sdn Bhd dated 14 August 2014 (Depositions, AFP Exhibit 0138282); Affidavit of Nor Syairah Binti Sulaiman dated 8 January 2022 (Depositions, AFP Exhibit 0154213), Annexure C – Companies Commission of Malaysia Corporate Information relating to Leuven Capital Sdn Bhd.

⁴⁴ ASIC Historical Company Extract (KV Properties Pty Ltd) dated 3 May 2018 (Depositions, AFP Exhibit 0154196).

Erwan Azizi

Erwan Azizi is the son of Azizi Ahmad (an original director and co-owner of Wanissa Properties and one of Mr Teen’s business partners). Erwan Azizi became involved in the negotiations leading to the sale of the Dudley Street property as a result of his father’s interest as a part-owner of the property. Erwan Azizi worked closely with those working for Optimus Capital to see that the transaction went through successfully.⁴⁵ However, he was not involved in the coordination and finalisation of the four false invoices that Mr Teen accepted and paid.

Professionals Involved in Dudley Street Property Transaction

Lawyers

Nevile & Co Commercial Lawyers (‘Nevile & Co’) is a law firm based in Melbourne. Nevile & Co acted for Wanissa Properties and PMCD Investments, the Vendor, in the sale of the Dudley Street property. The solicitor who had primary carriage of the transaction, who worked at Nevile & Co, was Esther Zhang (‘Ms Zhang’). Ms Zhang received instructions from Mr Teen, who she recognised as representing the interests of both Wanissa Properties and PMCD Investments, in relation to the property transaction. Mr Teen also liaised with the principal of Nevile & Co, Peter Nevile (‘Mr Nevile’) at the early stages of negotiating the transaction.
At the time of the Dudley Street property transactions, Lincolns’ Lawyers Pty Ltd (‘Lincolns Lawyers’) was another law firm based in Melbourne. Lincolns Lawyers acted for the purchaser in relation to the Dudley Street property transaction. The solicitor who had primary carriage of the transaction, who worked at Lincolns Lawyers, was Alexander Au (‘Mr Au’). At the earlier stages of the negotiated transaction, Mr Au took instructions from Nazim Rahman when he was told that KV Properties would be the purchasing entity of the Dudley Street property. However, Nazim Rahman later introduced Mr Au to MARA representatives, from whom Mr Au then took instructions, when Thrushcross Land Holdings was identified as the purchaser of the property. The

⁴⁵ See, for example, the observations of Erwan Azizi’s involvement in Statement of Alexander Au (Lincolns Lawyers) dated 13 October 2016 (Depositions, AFP Exhibit 0154104), [7].

principal solicitors of Lincolns Lawyers were Kenny Yip (‘Mr Yip’) and Regina Tan (‘Ms Tan’) with whom Mr Teen had an existing business relationship. Mr Teen had introduced Nazim Rahman to Lincolns Lawyers at an early stage of negotiations in relation to the Dudley Street property transaction.

Yacob Atan & Associates (‘Yacob Atan’) is a law firm based in Malaysia. Following the signing of the contract resulting in the sale of the Dudley Street property for $22,600,000, Mara Incorporated deposited $2,260,000 into Yacob Atan’s trust account, which was held on trust for Wanissa Properties and PMCD Investments. Johari Baharuddin, a lawyer who worked at Yacob Atan, took instructions from Nevile & Co and Mr Teen in relation to the disbursement of those funds once they were received.

Accountants and Financial Advisors

KST Partners Pty Ltd (‘KST Partners’) is an accounting and auditing firm based in Melbourne. Kee Guan Saw (‘Mr Saw’) was the principal accountant who worked at KST partners. Mr Saw had advised Mr Teen in relation to business, tax and accounting issues for many years.⁴⁶ Mr Saw advised Mr Teen in relation many aspects of the Dudley Street property transaction, including in relation to potential tax implications in relation to the four false invoices. Mr Teen had also introduced Mr Saw to those who worked for Optimus Capital, including Nazim Rahman, Izad Marof, Dazma Daud, Zach Zainal and to senior officials at Mara Incorporated. Mr Saw also advised and assisted them in relation to certain aspects of the Dudley Street property transaction.
MaxCap Group (‘MaxCap’) is a real estate investment firm that brokers commercial mortgages with financial lending institutions. Brae Sokolski (‘Mr Sokolski’) is a principal investment advisor and mortgage broker who works at MaxCap. Mr Sokolski was engaged by Mr Teen and Mara Incorporated to assist Mara Incorporated in obtaining finance to purchase the Dudley Street property in early 2013. Mr Brae was instrumental in brokering the mortgage arrangement that resulted in Westpac lending $23,000,000 to Thrushcross Land Holdings enabling it to purchase the property.

⁴⁶ See, for example, email from Dennis Teen to Kee Saw dated 4 September 2009 (Depositions, AFP Exhibit 0138130).

Banks

Westpac Banking Corporation Limited (‘Westpac’) is the bank that financed Thrushcross Land Holdings’ purchase of the Dudley Street property. In 2012 and 2013, Michael Knight (‘Mr Knight’) was employed by Westpac as Head of Property Finance at Westpac. Mr Knight liaised with Mr Sokolski, Mr Teen and representatives of Mara Incorporated and Thrushcross Land Holdings in settling the loan transaction with Westpac.
At various stages, Mr Teen also dealt with National Australia Bank (‘NAB’) in relation to Wanissa Properties’ finances for the Dudley Street property development. Kelvin Brown (‘Mr Brown’) was the banking manager at NAB who dealt with Mr Teen on a regular basis. Mr Teen also introduced Nazim Rahman to Mr Brown when Mara Incorporated was searching for finance options to purchase the Dudley Street property.

Property Valuers

Knight Frank Valuations (‘Knight Frank’) is a property valuation firm based in Melbourne. Yong Lim (‘Mr Lim’) is a certified property valuer who works at Knight Frank. Mr Lim was engaged by Westpac to conduct a valuation of the Dudley Street property prior to Westpac agreeing to finance Thrushcross Land Holdings purchasing the property. Mr Lim also carried out a valuation of another Melbourne property located on Swanston Street in Carlton, that had been purchased by Thrushcross Land Holdings in January 2013.
Raine & Horne International Zaki + Partners Sdn Bhd (‘Raine & Horne’) is a property valuation firm based in Malaysia. Raine & Horne were engaged by Mara Incorporated to conduct valuations of the Dudley Street property and Carlton property in 2012.

CIRCUMSTANCES OF OFFENDING

Construction of Dudley Street Property

Trubuilt Projects carried out construction works at the Dudley Street property throughout 2010, 2011 and 2012. Construction works were funded through

loans obtained by Wanissa Properties from a number of lending institutions, including Westpac and NAB.⁴⁷

Wanissa Properties began experiencing cashflow problems and difficulties in paying creditors and servicing loans in relation to the Dudley International House construction project. As the person principally responsible for managing and carrying out all activities associated with Wanissa Properties’ business, Mr Teen attempted to manage those difficulties. Mr Teen approached financial institutions for the purpose of further refinancing. Throughout 2011 and 2012, he remained concerned about the ability of the joint venture between Wanissa Properties and PMCD Investments to meet their construction deadlines and payment obligations.⁴⁸

⁴⁷ See ASIC Historical Company Extract (Wanissa Properties Pty Ltd) dated 17 August 2017 (Depositions, AFP Exhibit 0138277), showing Westpac held a fixed and floating charge over Wanissa Properties’ assets from 22 December 2008 to 13 April 2010 and NAB held a fixed and floating charge from 23 February 2010; email from Dennis Teen to Azizi Ahmad and Gani Yusof dated 11 February 2009 (Depositions, AFP Exhibit 0138152); email from Dennis Teen to Christopher Dimitriou dated 12 February 2009 (Depositions, AFP Exhibit 0135481).

⁴⁸ See email from Dennis Teen to Azizi Ahmad dated 12 March 2010 (Depositions, AFP Exhibit 01354962), in which Mr Teen expresses concerns about Gani Yusof meeting his financial commitments to the investment project; email from Dennis Teen to Azizi Ahmad dated 15 March 2010 (Depositions, AFP Exhibit 0135493), in which Mr Teen further expresses cash flow concerns; email from Dennis Teen to Loke Sang Hung (New Lake Development Sdn Bhd) dated 31 March 2012 (Depositions, AFP Exhibit 013594), in which Mr Teen requests of Azizi Ahmad’s accountant in Malaysia accounts relating to the remission of funds to Wanissa Properties; email from Dennis Teen to Christopher Dimitriou dated 31 March 2010 (Depositions, AFP Exhibit 0135495), in which Mr Teen expresses his concern about Wanissa Properties and PMCD Investments meeting their financial commitments; email correspondence between Dennis Teen and Imogen Knight (WT Partnership) dated 15 September 2010 (Depositions, AFP Exhibit 0135500), in which Mr Teen reassures Ms Knight about budgetary concerns; (Depositions, AFP Exhibit 015495); email from Dennis Teen to Gani Yusof dated 25 November 2010 (Depositions, AFP Exhibit 0135502), in which Mr Teen discusses cashflow issues; email from Dennis Teen to Loke Sang Hung (New Lake Development Sdn Bhd) dated 3 January 2011 (Depositions, AFP Exhibit 0154127), in which Mr Teen refers to cash flow issues; email correspondence between Dennis Teen and Elsi Tan (T & T Capital) dated 16 March 2011 (Depositions, AFP Exhibit 0154134), in which Mr Teen seeks information about further finance options; email correspondence between Dennis Teen and Mario Pizarro (Land Mark Investments) from 4 March 2011 to 5 March 2011 (Depositions, AFP Exhibit 0154131), in which Mr Teen seeks information about further finance options; email from Dennis Teen to Christopher Dimitriou dated 24 March 2011 to 15 September 2011 (Depositions, AFP Exhibit 0154132), in which MR Teen discusses finance options; correspondence between Dennis Teen and Christopher Dimitriou from 5 June 2011 to 13 December 2011 (Depositions, AFP Exhibits 0154135 to

0154144, 0154147 to 0154151, 0138194), in which Mr Teen expresses concern about cashflow, finances and construction deadline issues; email from Kelvin Brown (NAB) to Dennis Teen dated 12 December 2011 (Depositions, AFP Exhibit 0138195), relating to Mr Teen’s request for additional loan funds; letter dated 9 December 2011 from Centenary Advisory Group Pty Limited to Wanissa Properties Pty Ltd offering a loan of $1,000,000 on certain terms (Depositions, AFP Exhibit 0138193); letter from Sotos Agisilaou to Wanissa Properties dated 15 December 2011 (Depositions, AFP Exhibit 0138196),

By the end of 2011, Mr Teen took steps to find a potential buyer or buyers for the Dudley Street property.⁴⁹
On 12 April 2012, Mr Teen emailed Azizi Ahmad and asked him whether he knew of any potential real estate investment trust in Malaysia that might be interested in buying the Dudley Street property.⁵⁰ The following week, on 19 April 2012, Mr Teen emailed Azizi Ahmad again. In this email, Mr Teen attached feasibility studies relating to the Dudley Street property development that could be passed on to potential investors. Mr Teen also indicated in the email that he could provide potential investors with a presentation in Malaysia on the investment opportunity that the Dudley Street apartment complex represented.⁵¹

Initial Site Inspection by MARA’s Intermediaries in late April/early May 2012

On 26 April 2012, Mr Teen emailed Mr Dimitriou, informing him that he had received a phone call from Ahmad Azizi about a potential buyer for the Dudley Street property. Mr Azizi had told Mr Teen that a Malaysian government listed company had expressed interest in purchasing the entire complex and that representatives of the buyer would be visiting Australia to inspect the property in the next week.⁵²
On 30 April 2012, Dazma Daud and Zach Zainal travelled from Malaysia to Melbourne where they stayed for three days. They returned to Malaysia on 2 May 2012.⁵³ During their stay, they visited the Dudley Street property and discussed it with Mr Teen:

in which NAB proposes a second mortgage over 7-13 Dudley Street, Caulfield East in return for a loan of $1,200,000; email correspondence between Dennis Teen and Christopher Dimitriou from 16 December 2011 to 1 April 2012 (Depositions, AFP Exhibits 0138197 to 0138216), in which Mr Teen expresses further concerns about cashflow, finances and project deadlines.

⁴⁹ See email from Dennis Teen to Brandon Chua and Benjamin Hoo (real estate agents) dated 30 November 2011 (Depositions, AFP Exhibit 0154152), in which Mr Teen canvasses for potential buyers of parts of the property the development.

⁵⁰ Email from Dennis Teen to Azizi Ahmad dated 12 April 2012 (Depositions, AFP Exhibit 0138217).

⁵¹ Email from Dennis Teen to Azizi Ahmad dated 19 April 2012 (Depositions, AFP Exhibit 0138218).

⁵² Email from Dennis Teen to Christopher Dimitriou dated 26 April 2012 (Depositions, AFP Exhibit 0138219).

⁵³ Statement of Susan Jane San Juan dated 23 May 2017 (Depositions, AFP Exhibit 0154111), providing information about the movements of Dazma Shah Daud in and out of Australia for the period 1 January 2008 to 31 December 2014; Statutory Declaration of Susan Jane San Juan dated 29 August

(a)At 10.40pm on 30 April 2012, the day of their arrival, Mr Teen emailed Mr Dimitriou and informed him that:
(i)He had just shown the ‘Malaysian Visitors’ the Dudley Street apartment complex constructions site.
(ii)He identified the ‘Malaysian Visitors’ as the ‘Chief Operating Officer’ and the ‘General Manager’.
(iii)He said they were happy with the presentation and that ‘their CEO will plan to come next week to confirm and make final decision … and negotiate price’.⁵⁴

(b)Mr Teen would appear to have introduced Dazma Daud and Zach Zainal to Kee Saw, Mr Teen’s accountant at KST Partners, so that they could obtain local advice in relation to the transaction.⁵⁵
(c)On 2 May 2012, the day that Dazma Daud and Zach Zainal departed Australia to return to Malaysia:
(i)At 9.57pm, Mr Teen emailed Dazma Daud and Zach Zainal documents containing design specifications for the Dudley Street property development, ‘as … requested’.⁵⁶

Mr Teen replied to Nazim Rahman’s email the same day, querying the format of each invoice (which were in Excel spreadsheet format) and inviting Nazim Rahman to redo them.¹⁶² Mr Teen also followed-up with Nazim Rahman about the issue the next day via WhatsApp, asking him to ensure that the invoices were ‘done complete’. ¹⁶³ Specifically, Mr Teen asked Nazim Rahman to ensure that:
(a)each invoice was addressed to Wanissa Properties Pty Ltd at
[omitted], Vermont South, Vic 3133
(b)each invoice was in the proper format; and
(c)when printed out, only one invoice appeared on one page.
Mr Teen sent another email to Nazim Rahman on 2 July 2013, drawing his attention to the following:
(a)In the lead-up to settlement, the lawyers acting for the vendor, the lawyers acting for purchaser, and Westpac will all working on the basis that the price agreed under contract was $22,600,00, with the total cost including Stamp duty (5%) being $23,730,000.
(b)The Westpac loan is for only $23,000,000.
(c)Nevile & Co’s trust account records only $535,500 having been paid by way of deposit to the vendor.
(d)Mara Incorporated (Thrushcross Land Holdings), as purchaser, will expect to see on record that $2,260,000 has been paid by way of deposit.
Mr Teen suggested to Nazim Rahman that he ensure that the lawyers acting for the purchaser acknowledge that they are holding the other $1,724,500 already paid by way of deposit in Wanissa Properties’ trust account, and that he would then ‘come back and sort out the accounts after settlement’, and accounting for that money being paid ‘against the invoices’.¹⁶⁴ Yacob Atan, who

¹⁶¹ See email from Dennis Teen to Nazim Rahman dated 2 July 2013 (Depositions, AFP Exhibit 0153361).

¹⁶² Email from Dennis Teen to Nazim Rahman dated 25 June 2013 (Depositions, AFP Exhibit 0154171).

¹⁶³ See email from Nazim Rahman to Dennis teen dated 4 July 2013 (Depositions, AFP Exhibit 0153311).

¹⁶⁴ Email from Dennis Teen to Nazim Rahman dated 2 July 2013 (Depositions, AFP Exhibit 0153361).

was still holding the $1,724,500 on trust for Wanissa Properties, provided this acknowledgement the following day.¹⁶⁵

At around the same time Mr Teen was assisting Nazim Rahman with the preparation of the invoices:
(a)Mr Teen sought advice from his accountant, Mr Saw of KST Partners, in relation to the invoices.¹⁶⁶ On 26 June 2013, Mr Saw advised Mr Teen to ensure that five per cent withholding tax is deducted from the payments because the Malaysian-based companies issuing the invoices were ‘overseas suppliers’.¹⁶⁷
(b)Mr Teen also contacted Erwan Azizi via WhatsApp, raising issue with the draft invoices that Nazim Rahman had sent him. Mr Teen emphasised the need to reconcile what is left to be paid to Optimus Capital minus what has already been withheld ‘over there’ (referring to the $1,724,500 being retained in Yacob Atan’s trust account).¹⁶⁸ This would appear to have prompted Erwan Azizi to issue his own separate invoice to Wanissa Properties as his claimed ‘commission’ for assisting in the sale of the Dudley Street Property. On 1 July 2013, Erwan Azizi claimed $357,000 as ‘the sole agent for the sale of property’, representing two percent of the originally agreed purchase price of
$17,850,000. The invoice was attached to an email which Erwan Azizi sent to his father, Azizi Ahmad, which indicated that Erwan Azizi had ‘no ties with Optimus Capital’ at the outset of this acquisition and ‘therefore no allocation was made to me with [Izad Marof’s] side for this acquisition exercise’. Azizi Ahmad, Erwan’s father, forwarded the email and invoice to Mr Teen for his consideration.¹⁶⁹ Mr Teen did not appear

¹⁶⁵ Email from Johari Baharuddin (Yacob Atan) to Qing Liu (Nevile & Co) dated 3 July 2013 (Depositions, AFP Exhibit 0133772); letter from Yacob Atan to Nevile & Co dated 3 July 2013 (Depositions, AFP Exhibit 0154202

¹⁶⁶ Email from Dennis Teen to Kee Saw (KST Partners) dated 26 June 2013 (Depositions, AFP Exhibit 0154176).

¹⁶⁷ Email from Kee Saw (KST Partners) to Dennis teen dated 26 June 2013 (Depositions, AFP Exhibit 0154177).

¹⁶⁸ WhatsApp text message communications between Dennis Teen and Erwan Azizi dated 26 June 2013 (Depositions, AFP Exhibit 013811).

¹⁶⁹ Email from Erwan Azizi to Ahmad Azizi dated 1 July 2013 (Depositions, AFP Exhibit 0153362).

to acknowledge Erwan Azizi’s entitlement to $357,000 and ultimately did not arrange for its payment.
(c)Between 2 and 5 July 2013, Mr Teen also communicated with Romeo Pulido (‘Mr Pulido’), PMCD Investments’ bookkeeper, in relation to the Dudley Street Property transaction. In the course of the correspondence between them:¹⁷⁰
(i)Mr Teen and Mr Pulido distinguished between the contract sale price of $22,600,000 for the Dudley Street property, and the ‘actual’ sale price of $17,850,000.
(ii)Mr Teen said, ‘to the purchaser, the sale price is $22.6m’, and ‘[t]he Purchase Management and the legal team is NOT aware of the difference.’

Nazim Rahman re-sent the revised three invoices to Mr Teen on 4 July 2013. In that email, Nazim Rahman made it clear that the invoices did not account for the $1,724,500 retained by Yacob Atan from the proceeds of the deposit that had already been paid by Mara Incorporated.¹⁷¹
On the same day, Mr Teen replied to Nazim Rahman stating that he would need an invoice that accounted for the whole amount of $4,750,000.¹⁷² Mr Teen continued to communicate with Nazim Rahman between 12 and 18 July 2013 regarding the content of the invoices. Mr Teen made it clear to Nazim Rahman that he must prepare all the invoices so that the total amount of the invoices combined reflected the difference between $17,850,000 and $22,600,000. Nazim Rahman assured Mr Teen that the invoices would be provided soon.¹⁷³

¹⁷⁰ Email correspondence between Dennis Teen and Romeo Pulido from 2 July 2013 to 5 July 2013 (Depositions, AFP Exhibit 0154200), at 10-15; email correspondence between Dennis Teen and Romeo Pulido from 2 July 2013 to 3 July 2013 (Depositions, AFP Exhibit 0153309).

¹⁷¹ See email from Nazim Rahman to Denis Teen dated 4 July 2013 (Depositions, AFP Exhibits 0153311 and 0154200, at 83-86), attaching the revised invoices after Mr Teen provided feedback in relation to the earlier versions that were sent on 25 June 2013.

¹⁷² Email from Dennis Teen to Nazim Rahman dated 4 July 2013 (Depositions, AFP Exhibit 0153312).

¹⁷³ See WhatsApp text message communications between Dennis Teen and Nazim Rahman from 12 July 2013 to 18 July 2013 (Depositions, AFP Exhibit 0138184).

As these communications continued, Nazim Rahman was appointed as a manager at Pelaburan Mara Berhad, a company wholly owned by Mara Incorporated.¹⁷⁴
Settlement of Sale of Dudley Street Property

Settlement of the sale of Dudley Street occurred on 19 July 2013, with Thrushcross Land Holdings authorising Westpac to draw from its $23,000,000 loan facilities to pay the balance in settlement proceeds that were due to Wanissa Properties and PMCD Investments.¹⁷⁵
Finalisation of False Invoices

Nazim Rahman had handed the task of finalising the invoices to his colleague at Optimus Capital, Dazma Daud. On 19 July 2013, the same day as settlement took place, Dazma Daud forwarded to Mr Teen for his consideration four new invoices purportedly issued to Wanissa Properties:¹⁷⁶
(a)two invoices purportedly issued by Leuven Capital Sdn Bhd (716383- T):
(i)an invoice numbered 001032013 and dated 31 March 2013, claiming $1,700,000, ‘Being charge for profesional fees – Dudley, Australia’;
(ii)an invoice numbered 001042013 and dated 26 April 2013, claiming $1,210,000, ‘Being charge for profesional fees – Dudley, Australia’;

¹⁷⁴ Companies Commission of Malaysia, Corporate Information relating to Pelaburan Mara Berhad dated 14 August 2014 (Depositions, AFP Exhibit 0138280).

¹⁷⁵ See Affidavit (1^st) of Usa Naidu (Westpac) dated 23 February 2017 (Depositions, AFP Exhibit 0154072), attaching documents pertaining to the Dudley House property transaction; Affidavit (2^nd) of Usha Naidu (Westpac) dated 19 May 2017 (Depositions, AFP Exhibit 0154073), attaching documentation evidencing the settlement of the transaction; Statement of Nikayla O’Neill (NAB) dated 9 February 2017, (Depositions, AFP Exhibit 0154094), attaching relevant bank records relating to accounts held by Wanissa Properties and showing Wanissa Properties received a payment from Westpac on 19 July 2013 in the sum of $17,270,299.23 in settlement of the sale of the Dudley Street property.

¹⁷⁶ Email from Dazma Shah Daud to Dennis Teen dated 19 July 2023 (Depositions, AFP Exhibit 0153310).

(b)an invoice purportedly issued by Optimus Capital Group of Companies Sdn Bhd numbered ‘dudley-feb-01’ and dated 5 February 2013, claiming $725,000 for ‘Dudley, Australia – Commision fees’; and
(c)an invoice purportedly issued by TRR Heritage Sdn Bhd (338921-M) numbered TRR/2013-003 and dated 17 January 2013, claiming
$1,090,500, being a ‘Claim for profesional fee’.

The amounts claimed on those four invoices totalled $4,725,500 (falling
$24,500 short of the $4,750,000 for which Mr Teen had sought invoices).
Mr Teen responded Dazma Daud by email the same day.¹⁷⁷ He stated that ‘most of the funds’ would be transmitted. However:
(a)He attached a document containing his own reconciliation of the payments to be claimed by the Malaysian-based companies that had purportedly issued the invoices, suggesting different figures and different descriptions of service to those appearing on the invoices Dazma Daud had sent. This reconciliation document also indicated that Mr Teen would be deducting from the payments to be made, $236,250 representing five per cent withholding tax for foreign payments, and another $465,000, representing the difference in GST between the contract sale price of $22,600,000 (Mr Teen stated $22,500,000) and the originally agreed sale price of $17,850,000.
(b)He also indicated that he would be drafting a personal and directors guarantee agreement, to be signed by Izad Marof or other representatives of the recipients of the funds because of Mr Teen’s concern that the Australian Taxation Office may not allow the payments as a deduction.
Mr Teen forwarded Dazma Daud’s email with the attached invoices to his friend in Malaysia, K G Ong (‘Mr Ong’), for advice. Mr Teen noted in his email to Mr Ong that the invoices were not correct because they did not add up to
$4,750,000. However, he expressed more concern that the invoices, once paid, may not be allowed as a tax-deductible expense and that he may then be pursued by the ATO personally for recovery of the associated tax debt. For this

¹⁷⁷ Email from Dennis Teen to Dazma Shah Daud dated 19 July 2013 (Depositions, AFP Exhibit 0136422)

reason, Mr Teen told Mr Ong that he would be seeking indemnifications from the directors and shareholders of the Malaysian-based companies that would be receiving the $4,750,000, as well as from Gani Yusof and Azizi Ahmad.¹⁷⁸ In a text message exchanged between Mr Teen and Mr Ong that day, Mr Teen referred to the invoices as being ‘just invoices they give to claim the stack up money. There may b a slight possibility it is rejected.’¹⁷⁹

Mr Teen followed-up Dazma Daud about the undertakings he required from the directors of the Malaysian-based companies in a phone call and by email on 21 July 2013, seeking the names and identification information of the relevant directors who would be giving the undertakings. Dazma Daud indicated that he was one of the directors able to sign the undertaking.¹⁸⁰
On 22 July 2013, Dazma Daud’s assistant sent Mr Teen the four finalised false invoices (three of which are alleged to be false for the purposes of Mr Teen pleading guilty to a single rolled-up charge of False Accounting), reflecting Mr Teen’s proposed changes that he had communicated to Mr Daud on 19 July 2013:¹⁸¹
(a)two invoices purportedly issued by Leuven Capital Sdn Bhd (716383-T):
(i)an invoice addressed to ‘WANNISA PROPERTIES PTY LTD’ numbered ‘001032013’ and dated 31 March 2013, claiming
$2,000,000, ‘Being charge for consultancy and advisory fees – Dudley, Australia’ (Part of Charge 1 – False Accounting; Coincidence Evidence);
(ii)an invoice addressed to ‘WANNISA PROPERTIES PTY LTD’ numbered ‘001042013’ and dated 26 April 2013, claiming

¹⁷⁸ See email correspondence between Dennis Teen and K G Ong dated 21 July 2013 (Depositions, AFP Exhibits 0154200 (at 18-22) and 0154041).

¹⁷⁹ See WhatsApp text message communications between Dennis Teen and K G Ong dated 21 July 2013 (Depositions, AFP Exhibit 0154161).

¹⁸⁰ See email correspondence between Dennis Teen and Dazma Shah Daud dated 21 July 2013 (Depositions, AFP Exhibit 0154200, at 40).

¹⁸¹ Email from Anita Safari to Dennis Teen and Dazma Shah Daud dated 22 July 2013 (Depositions, AFP Exhibit 0154044), attaching four invoices; email from Anita Safari to Dennis Teen dated 22 July 2013 (Depositions, AFP Exhibit 0154044); email from Dennis Teen to Dazma Shah Daud dated 22 July 2013 (Depositions, AFP Exhibit 0154043);

$1,350,000, ‘Being charge for sales commission – Dudley,
Australia’ (not alleged to be a false invoice); and

(b)an invoice purportedly issued by Optimus Capital Group of Companies Sdn Bhd addressed to Wanissa Properties Pty Ltd numbered ‘dudley- feb-01’ and dated 5 February 2013, claiming $675,000 for ‘Dudley, Australia – Advertising and promotion fees’ (Part of Charge 1 – False Accounting; Coincidence Evidence); and
(c)an invoice purportedly issued by TRR Heritage Sdn Bhd (338921-M) addressed to Wanissa Properties Pty Ltd numbered ‘TRR/2013-003’ and dated 17 January 2013, claiming $700,000 being a ‘Claim for marketing and professional advise’.

The invoices themselves now totalled $4,725,000, still falling $25,000 short of the total sum of $4,750,000. Furthermore, there was an error in the invoice purportedly issued by TRR Heritage Sdn Bhd (338921-M) for $700,000. The figure of $700,000 was reflected in the sub-total entered on the invoice. However, the figure entered in the ‘amount due’ box was $1,090,000, reflecting the figure that had been on an earlier version of that invoice that Dazma Daud had supplied. This would later be corrected, with Zach Zainal amending that invoice and sending it to Mr Teen on 1 August 2013 so that the purported claim in that final invoice was for an amount of $725,000, and also amending the description of service provided to ‘Claim for marketing and promotion advise’ (Part of Charge 1 – False Accounting; Coincidence Evidence).¹⁸²
The Prosecution contends that the three invoices were false because they were not generated as a result of services, as described on the invoices, that had been genuinely provided to Wanissa Properties by the companies purporting to have issued the invoices. The invoices were generated to disguise the illegitimate nature of the promise Mr Teen had made to pay $3,400,000 of the
$4,750,000, by providing a false account of that payment once it was made.

Payment of Invoices

Between 22 July 2013 and 2 August 2013, Mr Teen organised payments to be made by Wanissa Properties totalling $3,025,000 into bank accounts of three

¹⁸² Email from Muhamad Zawani Zainal dated 1 August 2013 (Depositions, AFP Exhibit 0154050).

Malaysian-based companies whose names appeared on the four false invoices.¹⁸³ The payments are summarised below:

Date

Payer

Payee

Details of Payment

Amount

1.

23/07/2013

Wanissa Properties

TRR Heritage

settlement of invoice – building completed sold and settled – marketing fees

$665,000

2.

23/07/2013

Wanissa Properties

Leuven Capital

Settlement of invoices – building completed sold and settled – consultancy and advisory

$175,500

3.

23/07/2013

Wanissa Properties

Leuven Capital

settlement of invoice – building completed sold and settled – sales commission

$810,000

4.

23/07/2013

Wanissa Properties

Optimus Capital

settlement of invoice – building completed sold and settled – advertising and commission

$641,250

5.

02/08/2013

Wanissa Properties

Optimus Capital

balance payment

$33,750

6.

02/08/2013

Wanissa Properties

TRR Heritage

balance payment

$60,000

7.

02/08/2013

Wanissa Properties

Leuven Capital

balance payment

$640,000

Total

$3,025,500

In his email correspondence with Dazma Daud, Mr Teen included a reconciliation statement that referred to the $1,724,500 still being held on trust by Yacob Atan. Mr Teen indicated that he would authorise the release of those funds to Leuven Capital, after taking into account deductions relating to withholding tax and GST.¹⁸⁴
Undertakings Obtained

On 24 July 2024, Mr Teen obtained signed written acknowledgements and undertakings from Izad Marof and Dazma Daud, each having been witnessed by Zach Zainal. Those written documents stated that:

¹⁸³ International Funds Transfer Instruction Report dated 11 August 2016 (Depositions, AFP Exhibit 0154193). See, also, text message communications between Dennis Teen and Anita Safari dated 22 July 2013 (Depositions, AFP Exhibit 0154045); email from Dennis Teen to Dazma Shah Daud dated 23 July 2013 (Depositions, AFP Exhibit 0154046), and attachments.

¹⁸⁴ Email from Dennis Teen to Dazma Daud dated 23 July 2013 (Depositions, AFP Exhibit 2013).

(a)Izad Marof and Dazma Daud each acknowledged receipt of the sum of total $4,750,000 on behalf of the three Malaysian-based companies to whom Mr Teen had made payments totalling $4,750,000;
(b)Izad Marof and Dazma Daud each undertook to indemnify Mr Teen against all further sums that may be assessed by the ATO against Wanissa Properties or Mr Teen as being payable as a result of the four invoices being disallowed.¹⁸⁵

Mr Teen obtained similar undertakings from his business partners invested in Wanissa Properties, Azizi Ahmad and Gani Yusof.¹⁸⁶
Further Admissions

In late December 2013, Mr Teen communicated with Mr Pulido about the Dudley Street property transaction via SMS text messaging. In the course of their text message exchanges, Mr Pulido raised the concern about a potential future tax assessment in relation to ‘the commission [Mr Teen] paid the Malaysian government’. Mr Pulido specifically asked Mr Teen whether he had sold the Dudley Street property at a much lower price. Mr Teen replied: ‘Yes the real price is $17.8m’ (Incriminating Conduct).¹⁸⁷

AUSTRALIAN FEDERAL POLICE INVESTIGATION

In February 2015, the Australian Federal Police (‘AFP’) commenced an investigation in relation to the sale of the Dudley Street property as a result of information it had received about illegitimate aspects of the transaction.

Documents Seized

In the course of their investigation, the AFP executed search warrants at a number of properties, including businesses, which resulted in the discovery of thousands of documents evidencing the Dudley Street property transaction, and the associated illegitimate transaction involving three false invoices

¹⁸⁵ Letters from Mazrul Haizad Bin Marof and Dazma Shah Daud to Dennis Teen dated 24 July 2013 (Depositions, AFP Exhibit 0154047).

¹⁸⁶ Letters from Gani Yusof and Azizi Ahmad to Dennis teen dated 24 July 2013 (Depostions, AFP Exhibit 0154206).

¹⁸⁷ SMS text messages between Romeo Pulido and Dennis Teen dated 19 December 2013 (Depositions, AFP Exhibit 0154063).

totalling $3,400,000. Apart from the invoices themselves, and the communications between Mr Teen and the Optimus Capital intermediaries about creating them, the AFP investigation did not uncover any evidence that demonstrated Wanissa Properties had, in relation to the sale of the Dudley Street property, been provided with any services in the nature of:
(a)consultancy and advisory services from Leuven Capital to the value of
$2,000,000;
(b)advertising and promotion services from Optimus Capital to the value of $675,000; or

(c)marketing and promotion advice services from TRR Heritage to the value of $725,000.

Telephone Intercepts

On 22 May 2015, the AFP intercepted a telephone conversation between Mr Teen and Nazim Rahman. In the course of that conversation, Mr Teen mentioned that a journalist had recently been asking him about the sale of the Dudley Street property that occurred in 2013. Nazim Rahman also referred to a draft newspaper report, that referred to the transaction, which suggested that the sale of the Dudley Street property had involved a ‘price mark-up and all that’. Mr Teen told him, ‘Yeah no, just say, just say that is a fair market price … Yeah it’s a fair market price, it’s all good.’ Mr Teen also said:
(a)‘…all the earlier dealings was with Optimus and not with MARA…’;
(b)‘…MARA only come in finally just to sign the sales contract …’;
(c)‘So MARA was not even involved in the development as far as they are concerned or even the purchase from the beginning.’;
(d)‘…we only met up with MARA at the end when the sales contract is signed. Prior to that we don’t even meet up with MARA people.’;
(e)‘So so … that is just a conspiracy theory…’; and
(f) ‘They are just trying to do a fishing expedition’, (Incriminating Conduct).¹⁸⁸
On 8 July 2015, the AFP intercepted a telephone conversation between Mr Teen and Mr Dimitriou. In the course of that phone conversation:

¹⁸⁸ Surveillance Device Transcription dated 22 May 2015 (Depositions, AFP Exhibit 0150124).

(a)Mr Teen and Mr Dimitriou discussed how the figures of $17,850,00 and
$22,600,000 were reached.
(b)Mr Teen said that he had started the negotiations at $22 million, and then ‘you know it was pushed out and I think also probably a decent sum. Probably though our bottom figure and therefore pushed right out to our bottom figure’ of $17.8 million. Mr Teen said that he ended up saying $17.8 million ‘but no commission’.
(c)When Mr Dimitriou asked whether that was dealing with ‘the broker in Malysia’, Mr Teen replied, ‘Yeah, Yeah oh no then okay everything 17.8 so we said ok, you done, 17.8 then we were chasing ok when we sign blah blah blah all this sort of this so there was a lot of chasing then he tell us that we are not the buyer.’
(d)Mr Teen continued, ‘I was chasing them as the buyer … when are you paying me for deposits, etc… So eventually I think it came back to us an I think it was 24 .. and eventually they came back to us and say ok we’ve agreed on 17.8 but I’ve found an alternative buyer to buy would you be happy to take 17.8 and I said yeah we are happy at 17.8 and … anything above that then good luck to you.’
(e)When Mr Dimitriou asked whether MARA knew they were paying $22 million, Mr Teen said, ‘Yes. Our agreement was signed with the CEO of Mara, Allani…. So as far as we are concerned … broker gets the buyer, we are the vendor and him the buyer’.

(Incriminating Conduct).¹⁸⁹

In another telephone conversation intercepted on 8 July 2015, Mr Teen was heard having a conversation with Mr Dimitriou and an unknown male (possibly Mr Pulido). In the course of that conversation, Mr Teen and Mr Dimitriou discussed the issue of the four invoices that he had helped create for the Optimus Capital intermediaries and which he ultimately paid on behalf of Wanissa Properties. Mr Teen expressed concern that the ATO might disallow Wanissa being able to claim the $4,750,000 as a deductible expense because, he said, the ATO ‘could say it’s a fake invoice, or fake transaction.’ When Mr Dimitriou then asked Mr Teen how the $4,750,000 payment was a fake

transaction, Mr Teen said, ‘I think they might be saying [if] it’s for commission, how could it be $4.7 million?’ (Incriminating Conduct).¹⁹⁰

SUMMARY OF CASE AGAINST ACCUSED

The Prosecution contends that Mr Teen is guilty of Charge 1 (Rolled-Up) on the following basis. In relation to each of the three false invoices that is the subject of the charge:
(a)Mr Teen concurred with others in falsifying a document, being an invoice purporting to have been issued to Wanissa Properties by a Malaysian-based company and which contained a claim for a sum of money for services the Malaysian-based company claims to have provided Wanissa Properties.
(b)The document was made for an accounting purpose because:
(i)the document functioned as evidence of an apparently legitimate transaction between the Malaysian-based company and Wanissa Properties, that would account for payments subsequently to be made by Wanissa Properties to the Malaysian-based companies; and
(ii)the document functioned as evidence of a tax-deductible expense that could subsequently be claimed by Wanissa Properties after the invoice was paid.
(c)The document was falsified because it contained entries on it that were or may have been misleading, false or deceptive. Specifically, the invoice itemised services claimed to have been provided to Wanissa Properties, and for which now the Malaysian-based company now claimed payment, when those specified services had not been provided by the Malaysian-based company.
(d)Mr Teen concurred in the falsification of the document dishonestly, in the sense of deliberately and intentionally concurring in its making knowing it to be false.
(e)Mr Teen concurred in the making of the document with a view to gain for both:

(i)the Malaysian-based company (the invoice would justify Wanissa making payment); and
(ii)Wanissa Properties (the invoice would provide a foundation for Wanissa Properties to claim the payment as a tax-deductible expense).

Date		Payer	Payee	Details of Payment	Amount
1.	23/07/2013	Wanissa Properties	TRR Heritage	settlement of invoice – building completed sold and settled – marketing fees	$665,000
2.	23/07/2013	Wanissa Properties	Leuven Capital	Settlement of invoices – building completed sold and settled – consultancy and advisory	$175,500
3.	23/07/2013	Wanissa Properties	Leuven Capital	settlement of invoice – building completed sold and settled – sales commission	$810,000
4.	23/07/2013	Wanissa Properties	Optimus Capital	settlement of invoice – building completed sold and settled – advertising and commission	$641,250
5.	02/08/2013	Wanissa Properties	Optimus Capital	balance payment	$33,750
6.	02/08/2013	Wanissa Properties	TRR Heritage	balance payment	$60,000
7.	02/08/2013	Wanissa Properties	Leuven Capital	balance payment	$640,000
Total	$3,025,500

[2025] VCC 78

11 February 2025