PrivateInvest fined $17.2 million over Burswood apartment scheme
The Competition and Consumer Commission has sought a $17.2 million penalty from PrivateInvest regarding alleged misrepresentation in an apartment project at Burswood.
The Competition and Consumer Commission (CCC) initiated civil proceedings against PrivateInvest seeking damages of $17.2 million. The investigation centers on the company's conduct surrounding an apartment development located in Burswood. Allegations suggest PrivateInvest engaged in misleading or deceptive representations during sales to potential buyers. A specific complaint from a purchaser claims they were misled about key aspects of the property deal. The CCC stated it has issued a notice requiring PrivateInvest to provide documents and statements related to the dispute. Legal proceedings have commenced, with the regulator seeking the full amount specified in the notice. PrivateInvest faces a significant financial liability if it fails to satisfy the court's orders regarding these allegations.
