NATHAN Tinkler’s Buildev Group is facing a new crossroads, following the sudden resignation of director and group general manager Andrew Dowling.
The group, made up of Buildev, construction arm Bolkm and Castle Quarry Products, has been rocked by resignations over the past year.
Australian Securities and Investment Commission documents published on Monday reveal Mr Dowling, of Hamilton South, left as a company director last month.
The former Queensland lawyer joined Buildev Group in 2006, was appointed director in November 2008 and moved to Newcastle in September 2010 to take over as group general manager Australia.
Mr Dowling did not return calls yesterday, but Mr Tinkler’s Sydney-based public relations spokesman said he remained on as ‘‘a consultant’’. ‘‘We have no further comment to make on the other matters,’’ he said.
Buildev Group, once hailed as a leading Hunter success story, has come under increasing pressure in the past few months amid speculation about Mr Tinkler’s business empire.
Mr Tinkler is the largest individual shareholder in Buildev and a director alongside the Tinkler Group’s corporate counsel Aimee Hyde. The state government-owned Hunter Development Corporation confirmed yesterday it had thrown Buildev Group a lifeline, agreeing to extend its contract for settling on the purchase of a key Honeysuckle development site. The Newcastle Herald reported last month that doubt had been cast over the future of the $55million Honeysuckle Central development with Buildev granted two extensions to settle on the site.
HDC spokesman Luke Mellare said yesterday that Buildev had been given two weeks to meet criteria set by the HDC board before a final decision was made.
If the confidential criteria was met, the deadline for buying the site would be extended to December.
Later this month, property giant Mirvac will continue its action in the NSW Supreme Court against Buildev and another of Mr Tinkler’s companies over a failure to pay about $17million to complete the purchase of a block of land at Mayfield West.
It is believed Buildev has also signed an agreement to buy an office building at 443 Queen Street, Brisbane, for about $40million, with speculation the deal has not been finalised.
An announcement is due this week.