Monday, December 21, 2009

Gatto asked to fix $6.25m dispute after mates fall out, by Vanda Carson - The Sydney Morning Herald - 22nd December 2009

Underworld figure Mick Gatto was called in to help settle a $6.25 million dispute between the colourful developer and high-roller gambler Harry Kakavas and the millionaire Gold Coast property developer Jarrod McCracken.

Details of the meeting in 2007 between Mr McCracken, the former rugby league player-turned-developer and the Carlton Crew boss Mr Gatto emerged as part of a sensational NSW Supreme Court lawsuit triggered by the bitter falling out between the two Gold Coast property tycoons, who were once best mates.

Mr McCracken travelled to Melbourne and met Mr Gatto, who he believed was ''very friendly'' with Mr Kakavas, in an attempt to encourage Mr Kakavas to repay the money, lent in a handshake deal.

But even Mr Gatto was not convincing enough to coerce Mr Kakavas to repay the money, which he had lost in gambling sprees at the Bellagio Casino in Las Vegas and at Crown in Melbourne.

About $500,000 of the money was lost when Mr Kakavas bet on the AFL and NRL grand finals.

*Read full article.

(Credit: The Sydney Morning Herald)

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