Simon Petzierides had big plans for Eden’s Hotel Australasia. He talked about a five-star boutique hotel complete with a function room, upstairs accommodation, cafe, bar, swimming pool, souvenir store and local artwork.
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His company Irisha Pty Ltd was registered as an Australian Proprietary Company with the Australian Securities and Investments Commission (ASIC) in April, 2016.
In an interview with the Magnet in 2017 Mr Petzierides said personal circumstances led to one of his early real estate companies experiencing financial difficulties. It was placed in liquidation in 2003.
He said his business suffered when at age 21 he was struck by a double-decker bus and hospitalised for about one year.
In fact he was 33 when the accident occurred on May 10 2004 and this was after his business, LBC Realtors had been sued by the Australian Tax Office for $140,629.05.
He unsuccessfully tried to sue the Transport Accident Commission for the injuries he suffered after being hit by the bus.
Court documents state that when he went bankrupt (his is now discharged) he had debts in excess of $1 million.
But it was not the first time that the ATO had sued Mr Petzierides. In 1996 he was sued for $37,002.59.
Then in 2013 Mr Petzierides was in court as the third defendant in an action over an off the plan subdivision and land sale. His company Brooklyn Projects was later the subject of a winding up order by the court in 2015.
Now Mr Petzierides will face sentencing in the Victorian County Court early in 2019 after pleading guilty to three counts of obtaining a financial advantage by deception of a commonwealth entity. The matters are more than two years old.
In his earlier interview with the Magnet he said that council had been diligent in assessing his company.
“We submitted a lot of information to the council, who were very diligent in their work,” he said.
“They spoke to our accountants and engaged a company to look into our affairs,” he said.
Irisha company signs sit prominently on land on Albert Terrace next to the Eden Killer Whale Museum, Eden where he said there would be luxury apartments built.
Mr Petzierides has also talked about future developments including an aged care facility in Pambula.
