Particle.news
Download on the App Store
3 ARTICLES
·
last mo.

First Guardian Liquidators Warn Investors of $446 Million Shortfall

ASIC has frozen former director David Anderson’s assets following allegations of misappropriation

Thousands are at risk of losing their nest eggs. NewsWire / Luis Enrique Ascui
A golden egg in a nest symbolising superannuation.
Image

Overview

  • Preliminary report finds only $197 million redeemed of the $642 million raised, leaving a $446 million gap that may remain unrecovered.
  • Liquidators say recoverable asset values are likely well below book figures due to illiquid investments and possible overstatements.
  • The winding up process and legal probes are expected to stretch beyond 12 months as FTI Consulting investigates potential breaches of the Corporations Act.
  • The corporate regulator has initiated Federal Court proceedings against Falcon Capital and seized the passports and assets of former director David Anderson.
  • Nearly $69 million of investor funds were directed into entities linked to Anderson, including a $31 million loan to the insolvent Fox Friday brewery group.