Former Whet director ordered to pay $200m
A former director of the now defunct Whet Investments has been ordered to pay more than $200,000 to the failed company’s administrators following an investigation by the corporate regulator.
The Supreme Court of NSW ordered Whet’s former chief executive Hugh Gordon to come up with the $222,446, which he had previously paid into his mining equipment company HHS after selling-off mining equipment owned by Whet.
The sale of the equipment by Gordon occurred after the Newcastle based investment company - which placed hundreds of investors money into a selection of mining equipment and charter flight outfits including HHS - put itself under voluntary administration in July this year.
The court ruled that Gordon pay the proceeds of the sale of the equipment to the administrators.
Whet investments initially came to the attention of the Australian Securities and Investments Commission earlier this year after suspicions arose that it was operating without an Australian Financial Services Licence and that Gordon was cashing in redeemable preference shares in the company when he wasn’t supposed to.
The Supreme Court of NSW will decide next month whether a provisional liquidator should be appointed to Whet.
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