blumberg accuses anz of smearing him, page-2

From News.com.au

"Director 'siphoned funds for lavish life'"

THE director of failed investment company Opes Prime siphoned more than $40 million to fund his lavish lifestyle, including luxury cars and helicopters, it has been reported.

According to a report by receivers Deloitte, which has been handed to corporate watchdog ASIC, Anthony Blumberg was responsible for authorising payments out of the company, for his own personal benefit.

They include money to finance his lifestyle, buy luxury cars such as a Maseratis and Ferraris, and shift funds offshore, Fairfax newspapers have reported.

But Mr Blumberg has denied any wrongdoing, saying he borrowed the money.

"I didn't syphon anything off," he said. "I didn't steal anything. I borrowed funds."

Opes Prime was placed into receivership and administration on March 27 after trading "irregularities" were uncovered.

Opes owes more than $1 billion to secured creditors, with ANZ bank owed about $650 million and Merrill Lynch around $350 million.