'Breach of trust': Big Splash owner ordered to pay more than $330,000 to investors

ملخص مفصل

An ACT court has heard he misrepresented the price of the lease.

Songnan "Morris" Huang has been ordered to pay $288,670.77 in damages and $43,096.39 in interest to three investors, as well as costs.

The court decisions have also confirmed that Mr Huang's assets - including the companies he used to run Big Splash - were frozen in December 2021, possibly affecting the way he could operate the waterpark.

A husband and wife and their daughter brought the action against Mr Huang to the ACT Supreme Court as the result of problems with three investments with him including the Big Splash waterpark in Macquarie.

The investors who brought the action are no longer involved with Big Splash and are not among the current mortgagees responsible for it.

Justice Andrew Muller on Tuesday, November 10, published his reasons for the decision, also quoting Justice Verity McWilliam from an earlier decision in 2021 regarding the freezing of Mr Huang's assets.

The husband and wife invested a total of $12.6 million with Mr Huang in two residential developments in Sydney and the Big Splash waterpark in Macquarie.

They contributed $6.2 million to residential developments in West Ryde and Carlingford and $6.4 million to buy the lease for the Big Splash site, which covers 1.3 hectares in the heart of Macquarie.

Mr Huang had told his investors the cost of the Big Splash lease was $17.5 million, the court heard.

Justice McWilliam said in her summary that the actual cost of the lease was $7.5 million, which was only revealed after investigations by the investors' solicitor, Michael Mascitti, from Kamy Saeedi Law.

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