William ODwyer, the former managing director of companies in the Ralan Group, has pleaded guilty to six offences contrary to section 192E of the Crimes Act 1900 (NSW) following an ASIC investigation.
Between about 17 April 2015 and 6 June 2018, Mr ODwyer, by deception, dishonestly obtained for companies in the Ralan Group the ability to draw down on finance facilities totalling $251 million.
The Ralan Group sold, developed, and managed real estate properties from 2014 to 2019 and was based in Sydney.
The charges relate to loans advanced to Group companies involved in residential development projects in Sydney, Arncliffe, Turramurra and Gordon. As part of the loan agreements, the companies were required to satisfy lenders that pre-sale de…
Read the full article at: https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-289mr-former-ralan-group-managing-director-pleads-guilty-to-fraud/