Octaviar's King to face liquidator August 29, 2010 - 7:39PM
"The co-founder of failed property group Octaviar Ltd is listed to appear in the NSW Supreme Court this week as the liquidator continues her examination into the collapse of the Gold Coast-based company.
Michael King is listed to be examined in the NSW Supreme Court on Monday, Tuesday and Wednesday this week, while former director Rolf Krecklenberg is scheduled to appear on Thursday and Friday.
Octaviar, which was previously known as MFS, collapsed in 2008 and owes about $2 billion to creditors.
It was founded by Mr King and Phil Adams.
Liquidator Kate Barnet from Bentleys Corporate Recovery is trying to determine when the company became insolvent, with the focus on about $1 billion in inter-company transactions.
So far in the public examination, the court has heard allegations of documents being backdated, of borrowed funds being used to pay dividends, and of transactions involving millions of dollars being made without proper processes being followed.
Mr Adams, who in 2007 was in Dubai setting up MFS's operations in the United Arab Emirates, appeared before the court in June. His evidence was his first public comment since the company went under.
He said he received no indication while in Dubai from co-founder Mr King that MFS in Australia was starting to suffer financial problems.
Mr King still lives in Dubai.
Bentleys has recovered about $145 million since being appointed liquidator in September 2009.
In November 2009, the Australian Securities and Investments Commission started civil proceedings in the Supreme Court of Queensland against four former officers and one manager of MSF Investment Management Ltd, a wholly owned subsidiary of MFS.
The charges relate to alleged breaches of the Corporations Act concerning $147.5 million, including the creation and use of false documents." *********************************
I dont think that the following point is correct? "Mr King still lives in Dubai." ?
I hope that it is good week and we get some detailed reporting.
These are the two men who fronted the shareholders for the imfamous conference call before Jan 18th smashing of SP.
They knew 'only'certain things then.... but after years to think and investigate?....what do they know now? What would they like to say and how would they like change things? ...if not for the past, for this country's future?
Is that too dramatic? I dont think so.
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