Opes Prime accounts show creditors still owed $680m

According to the latest accounts compiled by the Opes liquidator, Ferrier Hodgson, creditors were paid their first instalment as part of a compensation package agreed last July, with most receiving 30 cents in the dollar shortly before Christmas.

The accounts list hundreds of former Opes clients who are now counted as creditors after they lost their shares because of the pooled nature of the fund.

Ferrier Hodgson, which began the liquidation of Opes in August, warned the process could take a further two years before all funds are recovered and paid out.

Accounts for the period covering September to the end of January show $261 million was recovered and $192 million was paid out by administrators, mostly as part of the interim payment to creditors.

Of the funds recovered, $226 million was part of a compensation package for investors agreed with ANZ and Merrill Lynch. A further $13 million was recovered from Hawkswood, a company owned by the three principal directors of Opes Prime: Lirim "Laurie" Emini, Julian Smith and Anthony Blumberg. A further $50,000 was recovered from a private company linked to the Emini family.

The three former directors each appeared in Melbourne Magistrates Court at the end of January, facing four charges of breaching directors' duties. They are scheduled to appear in court again on May 28.

Among creditors receiving funds, Gun Capital Management, operated by the Melbourne trader Leo "The Gun" Khouri, received $4.1 million. Bejjal, his private super fund, was paid $910,986.81, while his company EG Khoury Group received $53,399.

A number of parties with ties to Mr Khouri also received substantial payments.

The geologist turned stockbroker Kris Knauer got $1.3 million. He is a director of Esperance Minerals, of which Gun Capital Management is the biggest individual shareholder.

Dennis G. Pamplin Pty Ltd, part of the Pamplin Family Super Fund, received $247,336. The Sydney bikie Adrian Pamplin is a beneficiary.

Exchange Minerals, the Dubai-based investment company operated by Mick "Manynames" Shemasian, received one of the biggest payments, of $6.8 million.

The Conquest Mining boss John Terpu received $945,000.

State Securities, the low-doc lender operated by Tom Karas, a business associate of Mick Gatto and John Khoury, received $113,670.