Colourful Business Partners in Charlie TEOs Billion-Dollar Development

SADLY it is the wider community of Western Sydney that will be losing their amenity with not only ongoing fly in and buy ‘Real Estate Tourism’ but also ‘Medical Tourism’ for more air traffic and consequently even more overdevelopment

-fuel dumps for Sydney’s water catchments; at 40% supply

-UNESCO World Heritage Listing for the Blue Mountains Area is under threat

Last year there was a proposal by ASX-listed property group Boyuan Limited to enter into a consortium with Dr Teo, the University of Western Sydney, and logistics firm LOGOS to build a mini city known as the “Northern Gateway development” for 22,000 homes!

The Plan did not get off the ground …

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Colourful business partners in Charlie Teo’s billion-dollar development

Kate McClymont
By Kate McClymont

December 14, 2019

Controversial neurosurgeon Charlie Teo has raised eyebrows not only with the announcement of his plan for a billion-dollar medical-based development in the Blacktown CBD, but with revelations one of his business partners recently fought off multiple bankruptcy actions.

While no source of funding has been detailed, Dr Teo’s company the BBSI Group announced the proposed development of the Blacktown Brain and Spinal Institute, which will include a private hospital “designed by doctors for their patients” and a luxurious hotel for medical-tourism purposes, along with residential, retail and commercial spaces.

Carlo LoGiudice (left) with neurosurgeon Charlie Teo.
Carlo LoGiudice (left) with neurosurgeon Charlie Teo.

One of Dr Teo’s partners in the venture is businessman Carlo LoGiudice who last year came up with financing at the last moment to ward off three attempts to bankrupt him.

Mr LoGiudice avoided the legal strictures of bankruptcy by coming up with the money to settle debts relating to unpaid strata levies, marina fees as well as fees owed to his former lawyer.

Carlo LoGiudice (left) with Melbourne underworld figure Mick Gatto.
Carlo LoGiudice (left) with Melbourne underworld figure Mick Gatto.

Despite the debt recovery action that was taken against him last year, Mr LoGiudice was not made a bankrupt and so he remains lawfully able to enter agreements of this kind.

Like Dr Teo, Mr LoGiudice appears to have a close relationship with Melbourne underworld figure Mick Gatto with photos of Mr Gatto and Mr LoGiudice featuring on the latter’s Facebook page.

On Friday, a matter involving a failed company of Mr LoGiudice was mentioned in the Federal Court. The company Led4Life collapsed in 2016 with debts of more than $6 million, half of which was owed to the tax office.

The Herald has previously revealed that the neurosurgeon’s links to Mr Gatto were cited as a major reason for the doctor’s dramatic split from the charity he founded, Cure Brain Cancer Foundation.

Charlie Teo (left) with Mick Gatto.
Charlie Teo (left) with Mick Gatto.CREDIT:TAMARA DEAN

When a number of the prominent patrons of the charity expressed concern about the reputational risk of the charity’s association with Mr Gatto, who attended some of the fundraising events, Dr Teo was furious.

Tensions came to a boil in mid-2017 when Dr Teo quit the charity, complaining about the amount spent on administration. He later established the Charlie Teo Foundation.

When the Herald sent questions to Dr Teo’s office for a story in September, an associate of Mr Gatto contacted the paper expressing concerns on Dr Teo’s behalf. The associate had specific knowledge of certain questions Dr Teo had been sent.

Dr Teo denied that either he or his office had contacted Mr Gatto. “This is absolutely false,” Dr Teo said via his lawyers.

The current chair of the Charlie Teo Foundation is Valentina Stojanavsko, who is also one of Mr LoGiudice’s current business partners and is the principal of Black Book Legal.

Mr LoGiudice was a former project manager with Australian Water Holdings, a company at the centre of a corruption inquiry into the secret shareholding in the company by the family of corrupt former minister Eddie Obeid, who was lobbying to acquire a lucrative water deal with the state government.

Mr LoGiudice featured several times in the diaries of Mr Obeid which were tendered at a previous corruption inquiry.

Blacktown mayor Tony Bleasdale said the council had agreed in principal to sell the current council-owned administrative centre site to BBSI. A council source said that the price was yet to be agreed upon but it would be at market value.

The source also said the council was aware that Dr Teo had been speaking to a number of councils about his “vision” and that current arrangement came after the mayor and Dr Teo got chatting at a function. Apart from the potential sale of council land, the council does not intend to play any other role in the development.

*Last year there was a proposal by ASX-listed property group Boyuan Limited to enter into a consortium with Dr Teo, the University of Western Sydney, and logistics firm LOGOS to build a mini city known as the “Northern Gateway development” on a 344-hectare block of land previously owned by convicted murderer Ron Medich. That plan did not get off the ground.

The current proposal is the brain-child of a company called BBSI, whose sole director is Lebnan “Leny” Manassa, a developer and excavator.

Dr Teo also founded Teo Healthcare Group in July last year. It quickly changed its name to TLC Wellbeing with Mr Manassa as the sole director. The shareholders are Mr Alexandrou beneficially owning 60 per cent of the company with Teo Nominees holding the rest.

The company, which was set up in August 2018, has two shareholders. Dr Teo’s private company has 40 per cent of the shares with Mr Manassa’s accountant Anthony Alexandrou holding the rest of the company beneficially on someone else’s behalf.

Kate McClymont

Kate McClymont is an investigative journalist at The Sydney Morning Herald.

SOURCE: https://www.smh.com.au/national/nsw/colourful-business-partners-in-charlie-teo-s-billion-dollar-development-20191213-p53juq.html