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 Michael Brown shooting: Amnesty International sends team within US for first time as National Guard deployed
- 2 James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – and warns Obama of more to come
- 3 Reading Festival 2014: Tesco branch replaces salad and potatoes for Jagermesiter and vodka
- 4 Here’s the damning letter Robin Williams wrote to his Mrs Doubtfire co-star's principal after they expelled her
- 5 Ferguson protests: 90-year-old Holocaust survivor Hedy Epstein ‘arrested’ by police during St Louis demonstrations
Michael Brown shooting: Amnesty International sends team within US for first time as National Guard deployed
Michael Brown shooting: Ferguson police shoot and kill second young black man
James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – and warns Obama of more to come
Iraq crisis: Islamic State's message to America - 'We will drown you all in blood'
Ferguson: In the heartlands of America, a descent into madness
iJobs Money & Business
£475 - £550 per day + competitive: Orgtel: Senior Technical Accountant-Insuran...
£200 - £290 per annum + competitive: Orgtel: Sales Performance Manager, Key Ba...
£25000 - £30000 per annum + bonus+benefits+package: Harrington Starr: Junior D...
£600 - £800 per day: Harrington Starr: Java/Calypso Developer Java, Calypso, ...