Sunland Group profits halved after failed legal bid against Dubai duo Matthew Joyce and Angus Reed - Yahoo!7:
"Gold Coast developer Sunland Group's failed legal pursuit of two Australians for alleged fraud and deception in Dubai has cost the company half its profit this financial year.
Sunland , advising that $5.7 million would be released to pay the legal fees of Melbourne man Matthew Joyce and Perth's Angus Reed, after the company dropped its fight to stay the payment in the High Court.
Sunland's decision to abandon fighting the costs order is the latest twist in an aggressive challenge of and verdicts, which found Sunland launched a protracted and bitter damages case against two men over a controversial property deal in the height of Dubai's property boom in 2007 entirely without merit.
At the time Mr Joyce and another man, Marcus Lee, were employed by the United Arab Emirates property developer Nakheel, which was managing sales on the multi-billion dollar fantasy development on the Dubai Waterfront."
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