Liquidators pay out consultancy fees from Octaviar funds
|
|
The former liquidator of Octaviar, Deloitte, paid out $940,000 in consultancy fees to a company founded by Octaviar’s former chief financial officer, David Anderson, according to media reports.
Deloitte paid out the fees from October 2008 to September this year to a company founded by Anderson, for helping them wind down the failed finance group.
Anderson is the sole director of the company. Deloitte paid out several workers of the business, but Anderson would not reveal how many, according to an article in the Sydney Morning Herald.
Accounts filed by Deloitte also showed approximately $40,000 a week in additional fees were paid out to former Octaviar staff members.
Deloitte accounts also record payments of approximately $4,300 to AFS Strategic Consulting, which is owned by HFA Holdings company secretary Joanne Hill.
Deloitte was replaced by Bentleys Corporate Recovery last month, after one of the creditors of Octaviar objected to Deloitte paying $20 million to another creditor, Fortress. Approximately five former staff members of Octaviar are still working with Bentleys.
Octaviar and its subsidiaries went into administration in September last year. The company has approximately $1.7 billion of debt.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
