Grocon Building Empire Collapses

The massive Grocon building empire has collapsed. The company, which is one of the biggest property developers in Australia, went into administration on Friday, saying the construction side of the business was insolvent, Yahoo! News reported. Its chief executive, Daniel Grollo, says he's furious and blamed government agency Infrastructure NSW for its handling of the Central Barangaroo project. "It is unfortunate that INSW is forcing our hand to place the construction business into administration," he said. Grocon was founded in 1954 and has been run by three generations of the Grollo family. Daniel Grollo says he wants to pay the company's creditors in full. "I believe we will ultimately win the case against INSW and when we do so, the creditors will be the first in line to be compensated," he said. Read more