Real estate giant McGrath faces ASX review

The company confirmed on Friday that the companys three remaining directors will resign on February 19, four days after the companys interim results are released.
Fairfax Media revealed the Waterhouse-led wagering company William Hill Australia had been extending large lines of credit to Mr McGrath, who bets under a pseudonym and incurs average gambling losses of about $10 million a year. Mr McGrath had not settled his debt for some time.
Mr McGrath has denied having any gambling debt, sending a message to his staff last weekend claiming that Fairfax Medias report was rubbish.

Late on Thursday, the McGrath board issued a statement to the ASX refuting press speculation in The Australian that Mr McGraths investment vehicle Fondorru had used s…

Read the full article at: https://www.smh.com.au/business/companies/real-estate-giant-mcgrath-faces-asx-review-20180209-p4yzuu.html

Category: GamblingBy Insolvency Advisory Accountants March 5, 2018

The ASX is reviewing claims made by real estate giant McGrath disputing speculation its Rich Lister founder John McGrath has a $100 million margin-lending facility attached to his shares in the publicly listed company

Details of the loan emerged on Friday after the company told the stockmarket on Thursday night that the multimillionaire had never used his shares as collateral for a loan.

Documents lodged with the corporate regulator indicate Mr McGrath has a maximum liability of $100 million through his private entity, Fondorru Pty Ltd, but they do not specify how much the loan was for, nor do they mention what assets were available at the time to sec…

Read the full article at: http://www.smh.com.au/business/real-estate-giant-mcgrath-faces-asx-review-20180209-p4yzuu.html

Real estate giant McGrath faces ASX review – The Sydney Morning Herald

Related Posts

Real estate giant McGrath faces ASX review – The Sydney Morning Herald

Related Posts