ABC Finance
Investors unlikely to recoup losses from Chartwell collapse
Monday May 5, 04:48 PM
Investors in the failed Geelong stockbroking firm, Chartwell Enterprises, do not hold much hope of seeing their money again.
They are owed about $52-million dollars and met with administors in Geelong today.
Chartwell Enterprises went into administration last month.
Administrator, Bruno Secatore says he needs to take a close look at that the figures to work out how much of it is hard core debt that investors put in and how much of that is accrued interest.
Investors were told the company has not lodged tax returns for the past five years and that the tax office is owed $365,000.
Administrators said $2-million has been taken out of the company by directors and invested privately. Some of it allegedly went into home renovations.
Another $30-million has allegedly gone into and out of the company but that money has not been invested on behalf of the clients.
Investors told the administrator that they were told to deposit their funds into private bank accounts, prompting fears that the money may have been going into accounts not linked directly to the company.
Mr Secatore says the chances of recouping the money are very grim but he remains optomistic.
"Fifty-million dollars has come in. There has to be some money somewhere," he said.
He has recommended that the company be placed into liquidation.
The administrator will meet with investors again on May 28th.
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