The multimillion-dollar developer at the centre of the storm over sunset clawbacks of off-the-plan apartments has been revealed to have just $83.41 in his company’s bank account.

Ash Samadi, the man behind the dispute-plagued East Central apartment building in Surry Hills, and now the soon-to-be-built Botanik next door, has lost his NSW Supreme Court bid to delay his company’s financial affairs being scrutinised by the builders of the first block, SX Projects. They’ve successfully sued Samadi Developments Pty Ltd for $1.4 million but haven’t yet received the money.

In his court judgment, Justice Francois Kunc​ ordered that Mr Samadi produce all details of the company’s bank accounts and financial documentation, following the dispute over the construction contract. Mr Samadi had previously given a security interest over all his company’s assets to his sister. It later came to light that its bank balance was virtually nil.

Justice Kunc said these “might be thought to be some odd features” and, in addition, noted that the company “somewhat unusually” did not even own the land on which East Central was built. Instead, that belonged to two other companies, one owned by his father and sister, and the other owned by a separate company operated by Mr Samadi.

Mr Samadi had also asked that he defer having to appear to be grilled about the company’s finances as he was busy with his Porsche racing car team, Garth Walden Racing, at the Bathurst 1000 and then the upcoming Gold Coast 600 event next week. He was ordered to attend court on the originally scheduled date.

Samadi Developments, in which Mr Samadi is the sole director and shareholder, is now also facing legal action from six of the seven buyers of two-bedroom apartments in East Central who had their contracts rescinded – in an unusual but quite legal move – because of works that went over the due sunset clause completion date.

Some apartments have subsequently been put back on the market by the developer for price tags up to 50 per cent more. Mr Samadi did not return Domain calls.

One of those buyers taking action against him is retired oncologist John Stewart, who’d bought a two-bedroom unit for $830,000 in 2012 as his retirement nest egg. Stewart believes the unit is now worth about $500,000 more.

“We’ve all gone in together to take legal action against him, but we were shocked to learn there’s only $83 in the account,” says Stewart, 65, who’d bought the apartment through his superannuation fund. “How can that be? That wouldn’t even buy enough fuel for a single lap with a racing car.”

The group of people affected by the sunset clawbacks have all donated money to start legal proceedings, asking for documents from all parties that have been involved with the seven-level, 42-unit East Central development on Elizabeth Street. They’re now preparing to lodge a discovery motion at the NSW Supreme Court.

Stewart has also put a caveat on the apartment he put the deposit on off the plan, to prevent it from being resold, and says he’s been told that if he doesn’t remove it, he may be sued.

“I feel very disenchanted that I bought an apartment three years ago and now I may have nothing to show for that,” says Mr Stewart, the father of four children. “This has cost me a tax-free capital gain of $500,000.

“I’m very disappointed, and bemused, that this could ever happen.”