The ACCC has confirmed that investigations into dirty dealings at PPK Group Ltd. (PPK) continue to unfold. The ACCC is now searching for documents concerning director's private investments in Allied Brands Ltd. (ABQ) that may or may not have been secured at 'full value', at the same time these directors were using PPK shareholder assets to invest in Allied Brands and prop up the failed company.PPK director Jury Wowk was said to be outraged at the scheme after being enticed into an ABQ directorship what he was told was a "company restructuring". One board meeting and he quickly identified that criminal actions were likely underway and his very quick resignation from the ABQ board is one of the actions that began to focus ASX and ACCC attentions on this organised crime racket.
In a half-yearly report PPK has acknowledged a massive loss due to this and other bad investments in Frigrite (now in administration) and Intelligent Solar Ltd. (ISL). ISL, a company near-death, just had a massive investment of capital from an entity known as Contemplator Pty. Ltd. (ARG Pension Fund A/C). Suspiciously, this entity was also the second largest investor in Allied Brands at the time of their collapse! Who is controlling the pension fund, and why this Melbourne company is apparently around so much fraud and company carnage is just one of the items now being explored by the ACCC.
Finally, ex-company secretary James Fay and accountantcy firm Hacketts are also targeted for their actions in misleading investors and the ASX.
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