Raptis denies building risk for GC projects
Written on the 15 August 2018 by Business News Australia
Property developer Raptis Group (ASX: RPG) has defended its position amid reports published in the Gold Coast Bulletin today alleging regulators issued notices to cancel builder licenses for subsidiary Garnet Constructions, as well as Ezra Constructions which is linked to chairman Jim Raptis.
The story, citing documents lodged in the Supreme Court, alleged the Queensland Building and Construction Commission (QBCC) was threatening a ban that could put two projects valued at $47 million at risk.
In a response on the ASX, Raptis confirmed both projects mentioned in the article have "no relevance to Raptis Group Limited" and will be completed in September, adding "Mr. Raptis' building license has not now, or ever been cancelled".
The statement claimed there was no building risk to the company, and that the first building was completed and all settled with proceeds banked.
Raptis claimed a QBCC internal review found there were no grounds for a permanent exclusion, and that it had "given an undertaking not to take any action until this matter can be heard by the court".
The company spent almost a decade in the corporate wilderness before resuming trading on the ASX in December, 2015.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Author: Business News Australia