A Chinese state-owned financier bankrupted an Australian company by misdirecting payments as a deliberate attempt to take ownership, Parliament has heard.
Sargon s Phillip Kingston lets creditors off lightly afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
Westpac to recover bulk of funds in Sargon collapse
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Westpac will get the lion’s share of leftover money from the sale of a handful of assets which operated under the Sargon umbrella following the collapse of the formerly Phil Kingston-run financial technology business.
More than a year after the collapse of Sargon following a loan repayment demand from China state-owned finance company Taiping Trustees, and nearly a year since proceedings got under way in the Federal Court of Australia, Justice Michael O’Bryan ruled Westpac is entitled to 65.5 per cent of retained proceeds from certain sales of assets and shares during Sargon’s liquidation.
Lex Greensill, Sanjeev Gupta, whoâd have guessed!
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Quite easily the most remarkable part of Greensill Capitalâs collapse is that it took this long. For years
Lex Greensill was warmly lit by newspaper profiles depicting the boy from Bundaberg ingeniously subverting the gravity of supply chain finance. It somehow failed to register that Babylonian traders used invoice factoring before Hammurabi had even built the walls around them.
Besides its spurious exceptionalism, the most suspect element of Greensill Capital was its entwinement with
Sanjeev Guptaâs equally irregular empire. It always looked like Greensill was assuming an extraordinary level of risk as primary lender â in effect â to a roll-up of industrial junk assets.
IOOF subsidiary loses appeal 05 February 2021
The wealth giant could cough up millions of dollars in compensation following a failed appeal by subsidiary Australian Executor Trustees in a matter dating back to 2012.
The Court of Appeal dismissed Australian Executor Trustees’ (AET) appeal against the decision made by the Supreme Court of NSW on 26 September 2019 and ordered AET to pay the respondents’ costs of the appeal. Courts ruled in favour of a group of retirees who lost investments in a forestry scheme the company ran in the 1980s, with the covenant holders expected to be awarded around $80 million compensation plus costs.
The failed appeal could see IOOF cough up $16.5 million, net of insurance proceeds, including interest and excluding costs. AET’s corporate trust business was sold to Sargon Capital for $51 million in 2018 but the agreement indemnified Sargon for any liability relating to legal action.