Probe into Groves deals

The $2.5 million sale of a Nevada mansion to an "acquaintance" and the fate of $1 million reaped from the sale of a villa in the French countryside are among transactions to be probed by Eddy Groves' trustees in bankruptcy.

The $2.5 million sale of a Nevada mansion to an "acquaintance" and the fate of $1 million reaped from the sale of a villa in the French countryside are among transactions to be probed by Eddy Groves' trustees in bankruptcy.

Mark Robinson and Andrew Scott, of PPB Advisory, plan to investigate $42 million of Australian and overseas property deals made in the past five years by Mr Groves.

Mr Groves and those who benefited from the deals are likely to be questioned under oath at a public examination.

The trustees will look into $17 million of properties sold in Australia, $5 million of property sold overseas and $20 million sold by a trust associated with Mr Groves, who was declared bankrupt by the Federal Court in Adelaide on January 29.

BusinessDay believes the trustees plan to investigate the withdrawal of about $1 million from Mr Groves' NAB bank account in mid-2010 at about the time Mr Groves received proceeds from the sale of the luxurious French property, and the 2012 sale of Mr Groves' ranch near Las Vegas, Nevada, to US company Paigus USA, run by Byron Bay resident Joanne M. Padgett, for $2.5 million. Mr Groves is believed to have told his trustees Ms Padgett was an "acquaintance".

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