Failed firm’s boss speaks out

FAILED finance company boss Graeme Hoy broke his silence last night after being in hiding since the $70 million collapse of Chartwell Enterprises.

The man, who had not been seen since last Monday night when he allegedly fled through the back door of the Geelong company’s offices, denied channeling millions of dollars overseas before the firm collapsed.

“I am absolutely devastated at the impact of these events on so many wonderful people,” Mr Hoy said.

But he was unable to answer the key question of where the money in his collapsed firm had gone.

“Well, the investigation will disclose everything about the money,” he told Channel 9.

He could not say how much the hundreds of investors could hope for.

Asked if people would get any back, Mr Hoy said: “I think that’s Mr (administrator Bruno) Secatore’s position to be disclosing.

“Can I say absolutely – because I know I won’t be contradicted by the discoveries – that no money went offshore.

“This is absolutely the hardest thing that I’ve ever had to face in my life.”

Mr Hoy said he would not go back to Geelong.

“Not at the moment. I’ve had threats of physical violence and worse, and I’ve had to take protective measures,” he said.

Mr Hoy said he believed he had not acted illegally.

“It’s quite possible (there could be criminal or civil charges) but I’m ready for whatever life throws at me,” he said.

Mr Hoy said the most difficult part of the collapse was that many investors were friends.

“(I’m) completely hollowed out,” he said.

Mr Hoy said he came forward out of a willingness to be accountable, despite living in fear after receiving death threats.

Herald Sun 28 Apr 2008.

From:

http://corpau.blogspot.com.au/2008/04/failed-firms-boss-speaks-out.html

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