Embattled pub baron Jon Adgemis is facing a $1.8 billion reckoning after bankruptcy trustees increased their estimate of his personal liabilities, alleging millions were wrongly funnelled into his accounts and luxury assets.
In a supplementary report published on Thursday, WLP Restructuring trustees Scott Pascoe and Benjamin Ho recommended creditors accept Adgemis’ personal insolvency agreement proposal.
He is offering 0.15c in the dollar – or 1.5c for every $10 owed – to avoid bankruptcy. If rejected, Adgemis would be barred from running a company or owning a car worth more than $9600.
Trustees alleged Adgemis used $2.4 million from his companies over five years to repay the loan on his 95-foot yacht, once owned by Shirley Temple, and lent or withdrew nearly $15 million in cash from company accounts. Almost $10 million went to repay a $13 million loan from Richard Gazal, while $900,000 was used to pay his godfather George Confos.
The trustees noted Adgemis acknowledged some payments were made “incorrectly.”
The report also confirmed his superannuation account contained just $8 and no transactions for seven years. His assets are valued at $14.3 million, including $13.75 million in property.
The Australian Taxation Office has intervened, concerned about potentially fraudulent GST claims across at least 27 companies linked to Adgemis. Liquidators allege improper and unsubstantiated claims could leave tax debts exceeding $300 million. Adgemis denies any wrongdoing and intends to challenge his tax assessment.
A decisive meeting on August 29 will see creditors vote on whether to accept his proposal, with 75 per cent by value required for approval.
Source: The Advertiser
