Scott Pendlebury’s attempt to recover an alleged missing $3 million has suffered a major blow after administrators found his former business partner Jason Sourasis’ company, Jaszac Investments, is effectively insolvent.
According to The Herald Sun, an ASIC report shows the firm has $80 million in debts and just $224 in the bank, with administrator Brent Morgan advising that “the most appropriate course of action would be for creditors to vote in favour of placing the company into liquidation.”
He added: “The company is clearly insolvent.”
The creditors’ meeting coincides with the first Supreme Court hearing between Pendlebury and Sourasis, whom the AFL star accuses of withdrawing $3 million “without his knowledge”.
Sourasis denies wrongdoing, claiming texts and emails show Pendlebury approved investments linked to Western United, which is now facing its own financial crisis.
The report notes Jaszac’s claimed $120 million in assets – mostly loans tied to Western United – appear “substantially overstated” and “largely unrecoverable”. If liquidated, only the ATO and secured creditor Theodore Andriopoulos are likely to recover funds.
Administrators also warned the company may have traded while insolvent since 2019. Sourasis declined to comment.
Source: The Herald Sun
