SA property mogul George Polites has failed in his attempt to block an administrator from launching a probe into his management of his late mother’s multimillion-dollar estate.
The Supreme Court of Appeal has dismissed Polites’ application to delay the investigation until an appeal is heard in September, clearing the way for administrator Sarah Hooper to begin inquiries into the estate of Florence Polites.
The dispute stems from legal action by Polites’ nephew, Markas Salkanovic, who is seeking a share of the estate and successfully pushed for an independent administrator to be appointed.
The estate, which has not yet been granted probate, reportedly had $1.5 million in assets but debts exceeding $4.4 million.
However, accounting firm KMT Tax and Business Solutions found that Florence Polites’ $27 million stake in the family’s property portfolio was transferred into a complex corporate structure before her death.
The portfolio includes nearly 50 properties across Adelaide and Sydney.
Polites, the estate’s executor, denies any wrongdoing, saying the estate’s insolvency was due to his mother’s “living expenses” to ensure she lived “peacefully” until her death in March 2024 at age 102.
His lawyer, Greg Griffin, confirmed preparations for the September 2 appeal are ongoing.
Source: The Advertiser.
