Sunland loses appeal against court verdict on multi-million dollar Dubai property deal | Herald Sun

Sunland loses appeal against court verdict on multi-million dollar Dubai property deal | Herald Sun:

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Businessman Matthew Joyce was jailed on corruption charges in Dubai. Picture: Siddarth Siva/TWAMSource: Supplied

GOLD Coast property developer Sunland has lost an appeal against a court decision that it was not misled over a failed multi-million-dollar Dubai property bid that led to two Australian businessmen being jailed there on corruption charges.

The Court of Appeal today upheld an earlier decision Sunland was not misled when it paid $14 million to a company so it could win control of a block of land on Dubai's waterfront.

"On 1 October 2007 Sunland entered into an agreement with Dubai Water Front, a government-owned land owner in Dubai, to buy land in Dubai for the equivalent of approximately AUD $63 million," the Court of Appeal said today.

"Sunland contended that it was induced by misleading and deceptive conduct on the part of Prudentia and its then managing director, Angus Reed ... and on the part of Matthew Joyce," the Court of Appeal said."

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