Lawsuit says billionaire Auchi owes investor for Rezko's stake in South Loop site

Crain's Chicago Business reports:

A Wilmette investor alleges that Iraqi-born billionaire Nadhmi Auchi cheated him out of the proceeds from the sale of Antoin Rezko's stake in a large South Loop development site.

Mr. Auchi, chairman of conglomerate General Mediterranean Holding SA, already owned 50% of the sprawling, 62-acre site in a venture that included Mr. Rezko, who was a top fundraiser to former Gov. Rod Blagojevich.

Mr. Auchi structured his purchase of the rest of property so that Mr. Rezko could avoid paying Semir Sirazi, according to a complaint filed last week by Mr. Sirazi in Cook County Circuit Court.

At one time, Mr. Rezko’s development firm had planned to build about 4,600 residential units and 670,000 square feet of retail space on the site at Roosevelt Road and Clark Street. Instead, General Mediterranean put the site on the market earlier this year, although the litigation is likely to complicate efforts to sell it.

No word yet from Chicago Mob linked Alderman Ed Burke on this story.