Damelian judged to have lied

The former high flying luxury car dealer, who took the stand in the Supreme Court last week, was found to have lied in an attempt to avoid repaying a $1.9 million loan to his former company, which is in liquidation.

Justice David Hammerschlag ruled Mr Damelian was lying when he gave evidence that he was unaware of the size of his director's loan and that he was not briefed about it by his finance staff.

Justice Hammerschlag found that emails sent between Mr Damelian's wife Jacqueline and the company's finance executive Fadia Chidiac contradicted Mr Damelian's evidence. Mr Damelian also signed a document acknowledging the debt. “He was an entirely unsatisfactory witness who gave untruthful evidence,” Justice Hammerschlag ruled.

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He said Mr Damelian “disingenuously” pretended to be naive about business and finance. Mr Damelian's dealerships went bust a year ago. His bankers, National Australia Bank, are attempting to claw back the $53 million in debts the company had.