NIFSAN CHIEF QUITS AMID MANAGEMENT DEBACLE

Written on the 12 May 2009

NIFSAN CHIEF QUITS AMID MANAGEMENT DEBACLE

NIFSAN chief operating officer Robin Maini has walked out of the troubled property development company citing irreconcilable differences with management.

Maini slammed the inner politics at Nifsan as akin to a soap opera. Nifsan is the developer behind the $1 billion Emerald Lakes project on the Gold Coast. Maini is the third CEO to have bailed out of the company in the last two years.
 
“The management is too manipulative and controlled and the directors are not listening to the CEO,” says Maini, who took over the chief operating role from Greg Campbell last year.
 
Insiders have told Gold Coast Business News that Nifsan is now a ‘poisoned chalice’ following the controversial appointment of marketing director Javier Valdivieso - the partner of company director Leslie Lord.
 
“The upper politics is a little too challenging and I’m not the person to put up with that,” says Maini.
 
Another disgruntled former business associate who is reportedly owed money by Nifsan, has labelled the company ‘a three-ringed circus’.
 
“The place was running like a Swiss watch and then the wheels just fell off. I have never seen in all my years a company run like that,” says the well-known business identity, who asked not to be named.
 
“There is an arrogance that is causing absolute mayhem in the company and it’s a bloody shame.”
 
Maini, who will take a few weeks sabbatical before deciding his next move, is eyeing off a prospective executive role in Brisbane.
 
Nifsan is deliberating whether to develop its signature $240 million Porto Grande project comprising 230 units and an 11 storey tower. The company recorded revenue totalling $46 million last year.
 
Nifsan declined a request for comment by Gold Coast Business News.

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