Ash Samadi

[JAFA851]

Did anyone see the article on ACA tonight ( Perth, dunno about the east coast ). Wow, after what they exposed there, wouldn't be unhappy if Mr Samadi ate concrete in every race he ever enters again.

[Starion13]

Didn't see it. What was the gist?

[rich07]

Originally Posted by Starion13

Didn't see it. What was the gist?

http://www.9news.com.au/national/201...g-off-the-plan

Sounds like he was allegedly ripping people off over apartments they'd brought off plan by changing prices and specs without their knowledge etc.

[porsche91722]

I suppose motor racing, by its nature, attracts shady characters of all persuasions. However, the sport has always seemed to attract a higher rate of rip off merchants/con men/drug dealers etc involved, than other sports, and the sports car racing categories, in particular. I can't remember if it was this forum or somewhere else, but there was a thread with a list of the "colorful racing identities" that 4 wheeled motorsport had attracted over the years, internationally.
It'd be an interesting exercise to go through the paddock and make a list of the totally legit guys from the suspect ones. I think it would shock a few people.

[GTRMagic]

Ahhh... You guys seem to be collapsing legal activities with morality

If there is a gap in consumer protection in this space, the government plays some responsibility role in the chain

[STEALTHY]

Originally Posted by GTRMagic

Ahhh... You guys seem to be collapsing legal activities with morality

If there is a gap in consumer protection in this space, the government plays some responsibility role in the chain

I'm with GTR on this one. The clause was seemingly there, to protect the builder as much as the buyer, and you've all grabbed your pitchforks for that buyer excercising his right? The government is the issue, and they said they're looking to close the loophole, but until such time, I dont see an issue with it!

[yap]

Originally Posted by STEALTHY

I'm with GTR on this one. The clause was seemingly there, to protect the builder as much as the buyer, and you've all grabbed your pitchforks for that buyer excercising his right? The government is the issue, and they said they're looking to close the loophole, but until such time, I dont see an issue with it!

1 apartment rose in value by 500k according to the story last night (can't remember how many there were)

Dangle that much profit in front of anyone, for doing something which is perfectly legal - I would hazzard a guess that the majority of posters on this site would do the same thing

[JAFA851]

I'm obviously very old fashioned ( I'm 38 years old ), because when I make an agreement with someone, whether written or verbal, I stick to it, and I expect them too as well.

The thing with what Mr Samadi is doing, is anyone is their right mind, especially a property developer, would have known the "value" of the apartments would rise between when the development was started and when it was completed. So in effect, what Mr Samadi has done, is take innocent people's money to fund his development, then give it back to them WITH NO INTEREST, and sell the apartments for mega bucks. He's using the general public as a 0% loan facility to fund his business.

I don't know about you, but that sit's very uncomfortably with me. People ( like the old couple on the article ), most of them good old "Aussie battlers", have invested their life savings in an apartment or 2, to try to get ahead and not have to rely on the pension and handouts, or they may want to live in the apartment, and some greasy immigrant ( I can say that because I'm an immigrant too ) is fleecing them and getting away with it!!

Sure it may be in the fine print hence making it legal, but it's morally wrong, and unethical. That clause needs to be outlawed. I hope the State government department changes it. It's shady people like Mr Samadi that give all property developers a bad name. In the mean time I'll just live in the hope that Karma catches up with him.

[STEALTHY]

Originally Posted by JAFA851

I'm obviously very old fashioned ( I'm 38 years old ), because when I make an agreement with someone, whether written or verbal, I stick to it, and I expect them too as well.

The thing with what Mr Samadi is doing, is anyone is their right mind, especially a property developer, would have known the "value" of the apartments would rise between when the development was started and when it was completed. So in effect, what Mr Samadi has done, is take innocent people's money to fund his development, then give it back to them WITH NO INTEREST, and sell the apartments for mega bucks. He's using the general public as a 0% loan facility to fund his business.

I don't know about you, but that sit's very uncomfortably with me. People ( like the old couple on the article ), most of them good old "Aussie battlers", have invested their life savings in an apartment or 2, to try to get ahead and not have to rely on the pension and handouts, or they may want to live in the apartment, and some greasy immigrant ( I can say that because I'm an immigrant too ) is fleecing them and getting away with it!!

Sure it may be in the fine print hence making it legal, but it's morally wrong, and unethical. That clause needs to be outlawed. I hope the State government department changes it. It's shady people like Mr Samadi that give all property developers a bad name. In the mean time I'll just live in the hope that Karma catches up with him.

If you dont agree with the terms, dont sign them, simple!

Everyone is out to screw you, so either accept that when you sign the contract, or buy established!

[mtpanorama]

He has to pay for all his crash damage somehow.

[porsche91722]

The lines are becoming very blurred these days, on what constitutes dishonest dealings or practices, and leading the way in this of course, are our friends in politics and the legal profession. It's no surprise that developers seem to be the ones who feel the need to grease the palms of the politicians, the most. There's absolutely no doubt in my mind and many others, as to what the right way and the wrong way is, in dealing with people in business and in life generally. That some here are willing to give the benefit of the doubt to this bloke and others of his ilk, probably shouldn't astound me. But the fact is, some people have been taken advantage of, and through dishonest or underhanded dealings, someone else is going to do rather well out it. This type of thing is nothing new of course. It's what keeps those crappy current affairs shows in business.

[D.R.T.]

Originally Posted by STEALTHY

Everyone is out to screw you, so either accept that when you sign the contract, or buy established!

Oh what a wonderful world!

[STEALTHY]

Originally Posted by porsche91722

The lines are becoming very blurred these days, on what constitutes dishonest dealings or practices, and leading the way in this of course, are our friends in politics and the legal profession. It's no surprise that developers seem to be the ones who feel the need to grease the palms of the politicians, the most. There's absolutely no doubt in my mind and many others, as to what the right way and the wrong way is, in dealing with people in business and in life generally. That some here are willing to give the benefit of the doubt to this bloke and others of his ilk, probably shouldn't astound me. But the fact is, some people have been taken advantage of, and through dishonest or underhanded dealings, someone else is going to do rather well out it. This type of thing is nothing new of course. It's what keeps those crappy current affairs shows in business.

Its 2015, things arent done on your word anymore. I'm sure if there was a loophole that the buyer could save 500,000 and fleece the builder (but legally) 99% of buyers would jump at the chance! Its just the way the world is. Personally, i'm someone who sticks to a deal if its made, so i wouldn't put myself in a situation where someone could legally do that to me!

Originally Posted by D.R.T.

Oh what a wonderful world!

Well you have three options, Live in the real world and accept thats how it is, petition for change, or kill yourself so you dont have to live in the real world.

[Alan52]

I understand the affected parties are considering a class action legal case against him.Regardless of the outcome of this at least one state government is presently drafting legislation that would explicitly make this illegal.We will soon have an "Ash's Law".
Personal opinion.There are lots of ethical ways to make money.If you set out to systematically exploit people you want to hope there is no such thing as karma.

[Langers]

What he did was legal. In future it likely won't be. All of that said, his actions were short sighted. His reputation is now shot to pieces and this not help in future business dealings.

[Alan52]

Bad news for Mr Samadi.The NSW government has said "Ash's Law" will be retrospective.He is stuffed.Gotta love karma.

[JAFA851]

Link to an article?

[JAFA851]

Originally Posted by Alan52

Bad news for Mr Samadi.The NSW government has said "Ash's Law" will be retrospective.He is stuffed.Gotta love karma.

Are you sure?

Says here not retrospective

http://www.domain.com.au/news/govern...151023-gkguya/

It's still good the Government are doing something about it, just a shame for all the people that have been shafted already.

[Casper]

Originally Posted by Langers

What he did was legal. In future it likely won't be. All of that said, his actions were short sighted. His reputation is now shot to pieces and this not help in future business dealings.

You live in an idealistic world if you think that. Scammers go through life ripping off people and business still gets done, unfortunate but true. In an ideal world he would be ostracised and possibly face legal action but that won't happen of course due to the lack of regulation.

[STEALTHY]

Originally Posted by Casper

You live in an idealistic world if you think that. Scammers go through life ripping off people and business still gets done, unfortunate but true. In an ideal world he would be ostracised and possibly face legal action but that won't happen of course due to the lack of regulation.

The government are the only people to blame, for allowing such a clause in the first place. Unless of course its there for the protection of both buyer and seller...

[Muznik]

Originally Posted by Alan52

Bad news for Mr Samadi.The NSW government has said "Ash's Law" will be retrospective.He is stuffed.Gotta love karma.

My (limited) understanding is they cant make the law retrospective.

This happens on the Gold Coast a fair bit (& both ways). The Hilton was sold off the plan & prices crashed prior to it being completed.
The vendor was still legally entitled to the price as per contract which was a fair bit more than what they were now worth. Some buyers fought it in court & had to fork out big $$ for defaulting on the contract & still didn't get their units

http://www.cartercapner.com.au/blog/...-deal-default/

Also: http://www.news.com.au/finance/real-...-1226711346901

Having said that I have seen the other side in an increasing market where buyers in Circle on Cavill had bought well & already achieved excellent equity upon settlement.

Off the plan purchases can be a bit of a gamble for buyers.
"Caveat Emptor"

[Langers]

Originally Posted by Casper

You live in an idealistic world if you think that. Scammers go through life ripping off people and business still gets done, unfortunate but true. In an ideal world he would be ostracised and possibly face legal action but that won't happen of course due to the lack of regulation.

Surely anyone buying off the plan would do their due diligence on the developer, builder and related parties through media searches, ASIC databases etc.

[Casper]

Originally Posted by Langers

Surely anyone buying off the plan would do their due diligence on the developer, builder and related parties through media searches, ASIC databases etc.

Surely the relevant authorities who allowed this to happen would do the same before it got to retail?