Distressed Assets Media Centre
30 March 2010
Frank Vellar's empire comes tumbling down
Source: illawarramercury.com.au
The company behind Quattro, the Wollongong development at the centre of one of the biggest corruption scandals in local government history, has been placed into administration.
Sebvell Pty Ltd is a joint venture between Wollongong developers Frank Vellar and Frank Sebastian.
The company's property portfolio, estimated to be worth $30 million, is likely to hit the market soon.
Peter Grealish, of administrator Grant Thornton, was appointed receiver of the company on March 8.
Sebvell was behind the ambitious and controversial $100 million Quattro development proposed for a hectare of land bounded by Flinders, Campbell and Keira streets.
In 2008, the Independent Commission Against Corruption found that Wollongong City Council planner Beth Morgan had engineered Quattro's approval on behalf of her lover, Mr Vellar.
ICAC Commissioner Jerrold Cripps found both Ms Morgan and Mr Vellar had engaged in corrupt conduct and recommended they face criminal charges.
Briefs of evidence are with the Director of Public Prosecutions, but no charges have been laid to date.
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