FALLEN Energy Watch boss Ben Polis was investigated by the corporate watchdog over the collapse of one of his businesses, company documents reveal.
Accounts filed by Mr Polis (pictured right on a company billboard) also show that he borrowed more than $110,000 from another of his failed businesses, spending company money on dentistry, hairdressing, clothing and a ski holiday.
Mr Polis quit as chief executive of Energy Watch and the company was dumped as a major sponsor by the Melbourne Football Club on Thursday after the exposure of a string of racist and sexist remarks he made on social networking site Facebook.
He was replaced as chief executive by business partner Luke Zombor, Energy Watch's chief financial officer.
Announcing the Demons had severed ties with Energy Watch on Thursday, chief executive Cameron Schwab defended the club's decision to sign the $2 million-a-year deal.
"We did the requisite amount of investigation," Schwab said.
Documents on the public record show that before starting the energy broker in 2009, Mr Polis and Mr Zombor were involved in two failed businesses.
Both were directors of Saint Group Australasia, also known as St Kilda Marketing, which collapsed in 2008 owing more than $110,000, including $28,000 in unpaid staff superannuation.
The possibility that the Australian Securities and Investments Commission might launch prosecutions over the company's affairs was raised by liquidator Tony Cant of Romanis Cant in accounts filed in 2009.
It is not known whether ASIC took any action and Mr Zombor did not respond to emails from The Saturday Age.
While Mr Polis was the sole director of another failed business, Polis Australia, which collapsed in 2009 owing more than $283,000, documents show Mr Zombor worked at the company.
Company ledgers filed by Mr Polis show that he owed the company more than $112,000 at the time it collapsed. Mr Zombor owed $1700.
They show Mr Polis used his loan account to spend $795 for cosmetic dentistry and tooth whitening, $90 at hairdresser Claire Francoise, which specialises in hair removal, and during a ski holiday in July 2008.