The chief executive of Sydney telco South Western Wireless Communications Company has pinned the downfall of his company on his co-director’s decision to withdraw funding from the business.
SWWCC director and former chief executive Geoffrey Peach told administrator Farnsworth Shepard that a cessation of funding from other director and chairman Peter Bartter was key to the company’s financial difficulties.
One day the chairman decided to stop providing funding without notice, Peach told the administrators.
Farnsworth Shepard reported that SWWCC “heavily relied” on funding from Bartter and his trust, Peter Bartter Track Ptd Ltd, which is also a secured creditor of the company.
Bartter attributed th…
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