Brookfield may seize Pinnacle site for unpaid bills
The builders working on plans for the tallest skyscraper in the City, the Pinnacle, could seize the site after launching a legal challenge to recover £16m in unpaid bills.
The High Court has ordered the owners of the 63-storey, £1bn Pinnacle tower development to pay Canadian-US construction group Brookfield Multiplex £16m, after they failed to defend the contractor's claim.
The Bishopsgate development is owned via three special vehicles, with the majority backer, a Saudi Arabian investment group, Sedco, and the developer Arab Investments. But Brookfield's efforts to be paid have been made more difficult as the companies it is pursuing are understood to be registered in the Caribbean. If the building group isn't paid within a fortnight, it will apply for the developer to be wound up, insiders told Reuters.
The Pinnacle was one of several planned London tower blocks built after developers tried to capitalise on an expected boom in demand for new City office space.
- 1 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 2 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 3 UK weather: Britain braced for snow as arctic air mass moves in
- 4 Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
- 5 'Isis' schoolgirls: Missing British teenager tweets picture of her Syrian takeaway
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Ian Brady: Moors murderer announces his support for Ukip and the SNP
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
UK weather: Britain braced for snow as arctic air mass moves in
Power of Nepal earthquake was equivalent to 20 huge atomic bombs
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£20000 - £60000 per annum: Recruitment Genius: Are you recently QCA Level 4 qu...
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...
£25 - 30k: Guru Careers: We are seeking an Application Support Analyst / 1st L...
£45K - £55K (DOE) + Benefits: Guru Careers: We are seeking a full stack .NET D...