Administrators of the failed iQ Group Global have also questioned director-linked spending on an orphanage donation.
included ASX-listed iQ3 Corp and Farmaforce, and NSX-listed iQx. The report from administrators, filed with regulators, indicates creditors have said they were owed more than $60 million from group entities.The yacht Thalatta, posted on Facebook, and owned by iQ Group companies.
They also lodged a report with ASIC about potential breaches of directors’ duties. Their report noted possible avenues for further investigation if the company was put in liquidation and the directors were pursued for losses as a result of any breaches.Initial investigations had identified possible breaches committed by directors, the administrators wrote.
Con Tsigounis, an iQ Group Global director responsible for capital-raising strategies, had corporate expenses of $286,191, of which most were donations made to Health and Development Aid Abroad for “development of an orphanage”, the report said. The donations were made under iQ Group Global’s name. An investor in the companies, Danny Stapleton, via his Bull Capital company, has offered a debt restructuring deal. Bull Capital will inject $1.4 million while offering units in a trust that convert into equity to potentially capture any upside if the biotechnology ventures are longer-term successes.
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