Ventouris Enterprises v Dib Group [2010] NSWSC 963

The lender in this case was a young lady who worked for St George Bank. She was also enterprising in her own right, and decided to start a lending business (Ventouris Enterprises) using her nest egg of $100,000. Through her job with St George, she met Mr Dib whose Dib Group leased service stations. Mr Dib introduced her to one of his franchisees who was his cousin and the young lady loaned the $100,000 to the cousin. The loan defaulted and she lost everything. She then commenced these proceedings suing the Dib Group and Mr Dib for misleading and deceptive conduct. The court found for the young lady, awarding damages for misleading and deceptive conduct under the Trade Practices Act finding:  

Mr George Dib gave multiple assurances including “it will be OK”, “ trust me”, and, “nothing will go wrong, I assure you”. He supported his assurances with reference to the quality of his family relationships, “we are all family here”, a statement which had the effect of strengthening the assurances he gave her. An assurance that nothing will go wrong should be read in this context as an assurance as to the security of the moneys to be advanced. He said “I assure you Betty it will be OK”. “You will make a little bit of extra money on the side and you’ll be helping us”, and “the Dib Group won’t let anything go wrong”. The repeated emphasis on the role of the Dib Group support the inference that the defendants were representing that they would ensure that the proposed $100,000 loan would be repaid with interest.

Click here to read the full judgment

Scroll to Top