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Despite their companies owing billions, Sydney family splurge on exorbitant Tuscan wedding
The Florentine extravaganza of controversial property developer Remon Fayad, 38, and his bride Shauna Niaz, 34 – estimated to have cost more than $3 million – was supervised by wedding planner Diane Khoury and her three assistants flown in to oversee the over-the-top nuptials at the luxury Villa San Michele overlooking Florence.
Celebration with a bang: The wedding of Fayad and Shauna Niaz.
After the cutting of the six-tier white wedding cake, which was more than a metre high, a crescendo of spectacular fireworks capped the marriage celebrations. Back at home there were fireworks of a different kind.
Having flown first class to Italy with his wife Maria, father-of-the-groom Sam Fayad then lost a court action contesting his bankruptcy. On Wednesday the Federal Circuit court in Sydney heard that his debts to the Australian Taxation Office and others had topped more than $41 million. With personal guarantees on failed business ventures, the amount Fayad owes might reach $1.6 billion, the court heard.
Meanwhile, a fortnight before they jetted to Italy, Remon and his brother Fayad, who both have bankruptcy petitions against them, featured unfavourably in a report lodged with corporate watchdog ASIC about the collapse of one of their development companies, Mentmore 313, which owes more than $80 million.
“God, that makes me sick,” said one angry Sydney creditor having seen the wedding videos, one of which was a TikTok video showing Niaz surrounded by a sea of white roses in her “custom couture” bridal gown. The clip was posted by well-known designer Steven Khalil, who was also flown to Italy for the event.
Florence wedding of Remon Fayad and Shauna Niaz As their construction firm lies in financial ruins, the Fayad family spared no expense on a lavish Italian wedding in a Tuscan villa.
The creditor was one of many who bought an apartment off the plan in Remon and Fayad Fayads’ now-failed development company Mentmore 313, which was developing an apartment complex in Mentmore Avenue, Rosebery.
Purchasers were assured that the 118-unit block would be completed by mid-2021 – but the building remains unfinished and the Fayads’ company is now in liquidation, leaving many out of pocket. “This is a failure by ASIC, the ATO and government regulators who for decades have allowed them to just carry on screwing people over,” the woman said.
Remon and his older brother Fayad, 42, are the sons of Sam Fayad, 64, the once high-flying boss of development giant Dyldam, which had 20 related companies collapse on New Year’s Eve 2020, leaving massive debts. Remon, who was Dyldam’s chief operating officer, and Fayad Fayad, its CEO, have set up a new development company, Ellerson Property.
Once NSW’s biggest apartment builders, at one stage the Dyldam empire had about 300 related entities. Companies would collapse leaving substantial debts to tradies, suppliers, financiers and the ATO.
Last December, Sam Fayad was prosecuted by the Australian Securities and Investments Commission (ASIC) for failing to assist another liquidator and not providing books and records. He was fined $6000.
Sam Fayad celebrates in Tuscany. Sam Fayad celebrates in Tuscany.CREDIT: The liquidator for Mentmore 313 recently filed a report with ASIC alleging that directors Remon and Fayad failed to keep proper books and records.
Meanwhile, in another legal action against one of Remon Fayad’s companies, which was mentioned in the Supreme Court on the eve of his wedding, the judge was told by Fayad’s barrister that his client would be away for a month, enjoying a European honeymoon.
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Kate McClymont is chief investigative reporter at The Sydney Morning Herald
