Probe into Groves deals
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".
Frequently Asked Questions about this Article…
Trustees Mark Robinson and Andrew Scott of PPB Advisory plan to investigate about $42 million of property deals linked to Eddy Groves made in the past five years. That includes $17 million of properties sold in Australia, $5 million sold overseas and $20 million sold by a trust associated with Mr Groves.
The trustees are expected to probe the $2.5 million 2012 sale of Mr Groves' ranch near Las Vegas to US company Paigus USA, and the withdrawal of about $1 million from Mr Groves' NAB bank account in mid‑2010 around the time he received proceeds from the sale of a French villa.
The trustees named in the article are Mark Robinson and Andrew Scott of PPB Advisory, and they are leading the examination of the property transactions tied to Mr Groves.
The trustees plan to hold a public examination during which Mr Groves and people who benefited from the deals are likely to be questioned under oath about the transactions being investigated.
Paigus USA, a US company run by Byron Bay resident Joanne M. Padgett, purchased Mr Groves' Nevada ranch in 2012 for $2.5 million. Mr Groves is reported to have described Ms Padgett as an 'acquaintance.'
Yes. Eddy Groves was declared bankrupt by the Federal Court in Adelaide on January 29, according to the article.
BusinessDay reports that trustees plan to investigate the withdrawal of about $1 million from Mr Groves' NAB bank account in mid‑2010, which coincided with the time he received proceeds from the sale of a luxurious French property.
Everyday investors interested in this story should monitor trustee announcements and the outcomes of the public examination for official findings. The trustees' inquiries by PPB Advisory will reveal which transactions are being questioned and who may be asked to give evidence under oath.
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