Insiders at Allied Brands (ABQ) are reporting that the ASX and ASIC are investigating PPK Group Ltd (PPK) in conjunction with the financial collapse at Allied.
PPK has previously disclosed an "investment" by the company in ABQ shares, although the exact amount and relationships between ABQ and PPK have remained hidden.
Two PPK board members are said to be involved personally with undeclared personal investments in "secured notes" to Allied Brands. These are Glenn Molloy and Jury Wowk.
Wowk, a solicitor with HWL EBSWORTH, was appointed to the ABQ board earlier in the year -- a position he resigned from almost immediately after his first board meeting. Wowk was heard exclaiming "quite a fucking mess you've got here" on his way out the door. It was this quick resignation that began the public unraveling of all the lies and misleading statements made by the company to, well everyone.
But now the re-organisation or windup by the company is being held hostage by what are said to be personal interests of note holders which include Molloy and Wowk, and perhaps others at PPK.
None of this has been properly disclosed according to the ASX, and this could have a major effect on the status of PPK Group as well. Since the same kind of ratfucking of share holders at PPK seems to be occurring along with the ABQ share holders, a common thread of greed seems to be running thru this Gold Coast "old boys network"
It's unclear if these issues are known to Dunkin Brands when they served their intent to cancel Allied's running of Baskin Robbins. But clearly this is another layer in the corrupt operation being run by Lachlan McIntosh of KordaMentha.
Note that none of these people including acting CEO Sean Corbin has any experience with franchises, ice cream, cookies, or anything else this company does. All they're worried about is how much money to squeeze from the battlers that own the franchises and work at the coal face.
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