In our Statutory Report, we informed creditors and shareholders about a remaining balance of $603,751 from the John Bridgeman Limited (JBL) loan receivable to the Company. JBL and the Company are related due to a common director, Mr. Stuart McAuliffe. According to the audited Balance Sheet as of 30 June 2021, this amount was transferred to the trust account of the Company's 'legal counsel' on 25 May 2022, three months before my appointment. The legal representative at that time was McCullough Robertson (MCR). We inquired with MCR regarding these funds and who advised that they have “no knowledge or record of any payment made to our trust account on behalf of the Company or at all on or about 25 May 2022 in the amount of $603,751.”
straight up theft of over half a million dollars.
HML Price at posting:
$1.99 Sentiment: None Disclosure: Held
