Reports this morning indicate administrators from Vincents Accountants in Brisbane (one of whom is a former workmate of Allied Brands chairman Lachlan McIntosh) have asked a Queensland Supreme Court to "delay" their second creditors meeting over a month, to at the earliest January 19, 2011.
Vincents have told the court "The investigations to date revealed the company's affairs are intertwined with Allied Brands Group, which, in turn, has around 26 subsidiaries from which numerous inter-company transactions and loans have ensued", they said in a statement on Monday.
It's called "the old shell game", Vincents. It's what corrupt companies do to try and hide all their illegal activities - moving money from place to place so that no one can figure out what's going on.
Vincents would seem to have little experience in forensic auditing of companies this large that have failed due to criminal activity.
So why are they continuing their attempts to unravel this debacle? The court needs to look at appointing an administrator with greater experience and fewer ties to the company they're investigating!
Company debts are now said to run over $19 million, over double from the company's original statements.
As Allied is essentially now not running as a company, with most of the employees sacked, we don't have so much inside information coming into the blog now. However we're aware that the ASIC and ASX have wide-ranging investigations of the directors and other "insiders" running.
And perhaps administrators are now chasing the $750k "sweetheart loan" from Allied Brands (when Shane Radbone was CEO) to Shane Radbone and Victoria Elise Radbone. This loan is unpaid, in default, and was by many accounts likely illegal when it was made. It was made at the same time ABQ stopped paying employee entitlements and superannuation.
How about it Shane and Victoria, where's our dosh? What about the hardworking employees of this corrupt company? Do they deserve to be swindled, too?
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