An administrator’s report on the group that ran the Wilkie Creek coal mine details the possible involvement of shadow directors in the company’s operation.
Allegations of shadow directing have been made in the administrator’s report of the failed group that operated the Wilkie Creek coal mine in south-western Queensland.
“Discussions with Mr Lowy revealed that he agreed to this role in exchange for $60,000 at the request of his nephew, Mr Simon Raftery,” KordaMentha’s report said.The report said that Raftery acted as a financial adviser and fund manager for several parties that extended finance to New Wilkie Energy. “Mr Simon Raftery had management and operational influence on the group in late 2023, around the same time the group was placed into external administration,” it claimed.
At the In2Food group of companies, Raftery stepped down as a director about six weeks before its liquidation, and was replaced on the same day by Lowy. Raftery and his firm Remagen, alongside Ben Madsen of Archibald Capital, were involved in organising loans for the New Wilkie group of companies from private investors. Administrators have estimated that between $150 million to $200 million was raised.
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