SYDNEY: THE Australian Federation of Islamic Councils has purchased St Gregory’s Armenian School at Rouse Hill for $9.2 million.

The land was sold on December 14, 2010 in a forced auction after St Gregory’s was liquidated and the Commonwealth Bank appointed as its creditor.

The Rouse Hill Times managed to obtain a copy of the contract from the NSW Land and Property Management Authority.

Previous owners Dean and Michael Ghougassian have yet to sign over the mortgage.

“We are refusing because there was never any need to sell the school,” Michael Ghougassian said.

“They (Commonwealth Bank) thought we owed them money for an overdraft, but the money we borrowed was for the purposes of building at the school.

“This money was going to be returned to them after construction was completed by the federal and state governments.”

The Commonwealth Bank has always maintained that the school was deemed to be in no position to repay $670,000 it had been loaned to expand the school and was therefore in default of its loan.

The Supreme Court liquidated the school in October after a class action was bought against the school by teachers claiming unpaid redundancy payments of $100,000.

While Mr Ghougassian believes the auction should never have gone ahead, he feels the land was sold at only a quarter of its true value.

“It should have been closer to $35 million or $50 million.”

Australian Federation of Islamic Councils president Ikebal Patel refused to discuss the sale.

“I know the school, but I’d rather not comment at this stage,” Mr Patel said.

The council runs Islamic schools in South Australia, Canberra, Western Australia, Queensland and NSW.

It describes itself on its website as “the National Islamic Organisation of Australia ... promoting the work of Da’wah and other Islamic activities including Islamic education and welfare services for the Muslims of Australia.”

SOURCE: http://rouse-hill-times.whereilive.com.au/news/story/islamic-group-buys-st-gregorys-site/