Simcorp promises to pay subcontractors - Sports News - Fanatics - the world's biggest events

Simcorp promises to pay subcontractors

By Tony Bartlett 19/05/2010 03:41:53 PM Comments (0)

The developer embroiled in a legal battle with the Gold Coast Titans has promised to pay subcontractors owed money for work on the NRL club's Centre of Excellence around $3.5 million out of his own pocket.

But Simcorp boss Alex Simpson says he won't be able to make an immediate payout, as he'll have to sell some of his own properties to do it.

"It's going to take some time but I can't have the subbies keep on waiting for their money indefinitely while I battle with the Titans," he told AAP.

"The total I'll be paying out will be around the $3.5 million mark.

"I started off as a subcontractor and I had two years off work after an accident in 1988 and lived in a caravan in my parents' backyard with my wife and child ... so I know what it's like not having money."

Mr Simpson said he would be re-submitting his adjudication claim on Friday.

He also said he intended to pay the Titans legal bills to comply with a Supreme Court order made on Tuesday when Justice James Douglas nullified a ruling by the Building and Construction Industry Payments Agency that the Titans must pay Simcorp $3 million.

Mr Simpson said he has put a number of properties on the market.

"There's four blocks of land at Murwillumbah, and I'm a half owner in 36 units in Coffs Harbour," he said.

"The Coffs Harbour construction project has actually stopped at the moment because of our legal battle with the Titans.

"I approached my partner last night and I want to set it up so that my profits from that development go to the subcontractors, and that's what I've offered the subcontractors today.

"It's still going to take some time, it's not going to be an instant fix, but the alternative is that I just wind the construction company up and walk away which is what many people would do in this situation.

"And that has crossed my mind because I'd still have assets, I still have property in other company names, but I've decided not to do that."

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