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Jon Adgemis says funds moved from pub group was at lenders’ behest

The administrator of a collapsed portion of the pubs and hotels empire had alleged $9 million was transferred over a year as the company began to collapse.

Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login Former KPMG deal maker turned publican Jon Adgemis says that the $9.4 million transferred out of one of his companies before it collapsed was used for legitimate business costs and was done at the behest of his lenders.

Mr Adgemis defended the transfer after BDO, an advisory firm that is acting as the administrator for the business, said the money had been moved out of the company and accused him of failing to keep proper accounts. Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login Introducing your Newsfeed Follow the topics, people and companies that matter to you.

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