Developer's accounts 'had gaps'

Peter Curistan is taking a judicial review against the decision to drop him as the preferred developer for the £70m Queen's Quay project.

The lawyer for the DSD - which dropped Mr Curistan - said his Sheridan Group came up with a winning design formula.

But he said it failed the due diligence or business examination process.

The lawyer said there was "a paucity of good grade audited financial information" provided by Mr Curistan's group of 30-or-so companies.

There were also "troubling revelations" about the state of corporate health at the time of the due diligence process.

The lawyer rejected claims that the Department of Social Development, (DSD), had acted in bad faith by dropping Mr Curistan.

There was - he said - no conspiracy after allegations were raised about money laundering. Allegations which, the court was told, were baseless.

The case continues.