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Receivership stands for Raine Square developer

Receivers appointed by CBA subsidiary Bankwest to the developer of the bank's Raine Square corporate headquarters in Perth were validly appointed in January 2011, the Supreme Court of Western Australia ruled yesterday.Luke Saraceni and Saracen Project Management were seeking the removal of Korda Mentha as receivers of Westgem Investments.The bank had advanced A$327 million to Westgem Investments in April 2008, replacing St George Bank as the financier.

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