Former AFL boss, Andrew Demetriou, will pay $360,000 to settle claims against him totalling nearly $45 million over the collapse of vocational education group, Acquire Learning.
The Age reports that the payment is part of a $5.1 million settlement between the former leadership and shareholders of Acquire Learning and liquidators to the group.
Acquire was a significant player in the vocational education sector, but the group collapsed in 2017 following a government crackdown on the sector.
Acquire’s collapse left it owing its creditors, including the federal government, $147 million and stranded tens of thousands of students attending its colleges.
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Mr Demetriou was a shareholder in the group and the $360,000 settlement with liquidators from Cor Cordis relates to the repayment of shareholder loans taken out by his private company Katia.
As part of the settlement, The Age reports that Cor Cordis has agreed not to pursue a separate claim against Katia for $753,826.
Mr Demetriou will have six months to pay the settlement claims. He declined to comment when contacted by The Age and Sydney Morning Herald on Tuesday.
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Source: The Age.
