Hundreds of Australian investors who poured retirement nest eggs into a $160m managed investment scheme set up by the son of a high-profile Queensland boxing trainer will likely never see at least $48.7m of their life savings, according to a new report.
Those who placed their self-managed super funds in the care of Australian Fiduciaries Limited (AFL) have been told to expect a “material deficiency” in the scheme’s financial position.
The scheme went into voluntary administration in early July.
AFL administrators are also investigating a selldown of more than $1m of gold bullion held for the scheme at the Perth Mint Depository in January of this year.
Proceeds from the sale never entered bank accounts held by the AFL Group, administrators said.
SV Partners administrators Matthew Hudson and Terry van der Velde in their report to creditors released on Monday afternoon also said off the back of investigations by the Australian Securities and Investments Commission, they were trying to track down a $500,000 motor vehicle of unknown make and model, that may be registered in the name of former director and scheme co-founder Lee Rushton, and which “may have allegedly” been purchased using AFL Group funds.
Because of the size…