Dyldam was once a towering force. Its apartments still line the streets and light up the skyline of western sydney.
But for more than a decade, the Dyldam group has left a trail of misery behind it that includes bankrupt businesses, unpaid taxes, tradies denied payment for work they’ve done, suppliers ripped off, and anguished apartment buyers stuck with defective buildings — one built so badly it posed a hazard to human life.
Time and again, a litany of potential law-breaking has been identified by those brought in to clean up the mess left by busted Dyldam companies.
Yet, for years the corporate regulator, the Australian Securities and Investments Commission (ASIC), took no action.
Only now are events finally catching up with a key figure in this property development empire.
Courts in brisbane and Sydney are hearing charges levelled against the director of Dyldam Developments, Sam Fayad, for criminal breaches of company law.
The question is, why did it take so long?
This apartment complex in Parramatta is one of the Dyldam group’s signature buildings. (Four Corners)
University of Sydney law school professor Jason Harris, an expert on insolvency, said it was symptomatic of a wider problem: ASIC’s unwillingness, or inability, to…
