The Australian Securities and Investment Commission has launched an investigation into the affairs of Kevin Pollock, nearly two years after National Australia Bank appointed receivers to 14 of Mr Pollock’s companies.
The Australian Securities and Investment Commission has launched an investigation into the affairs of Kevin Pollock, nearly two years after National Australia Bank appointed receivers to 14 of Mr Pollock’s companies.
The ASIC investigation follows an offer to NAB to settle Mr Pollock’s outstanding debts, which have been reduced from an estimated $48 million when the receivers were appointed to about $20 million presently.
It also follows the Australian Taxation Office’s success in putting Mr Pollock’s wife, Francis Iva Pollock, into bankruptcy last December.
The ATO also put Mr Pollock into bankruptcy, in September 2003.
In yet another development, the State Government’s Office of State Revenue has instituted proceedings against Mr Pollock’s business associate Joanne de Hollander over an unpaid tax bill.
These developments continue the long-running saga surrounding Mr Pollock, who conducted his business affairs, involving land sub-division, earthworks, equipment hire, and garden and landscaping supplies, through multiple part-owned companies and joint ventures.
The complex ownership structure and poor record keeping have made it difficult for receiver and manager Ian Francis of Taylor Woodings and administrator Brian McMaster of KordaMentha to clarify Mr Pollock’s activities and financial position.
ASIC’s WA regional commissioner Angus Dale-Jones told WA Business News the corporate regulator is now looking into Mr Pollock’s affairs.
“We’re looking into it, we do have an investigation,” he said, but declined to elaborate.
WA Business News understands that at least three federal police officers are working with ASIC.
A spokesman for NAB said the bank was cooperating with the ASIC inquiry and with the tax office.
It is understood the bank has put on hold its assessment of Mr Pollock’s settlement offer pending the outcome of the ASIC investigation.
Mr Pollock is also believed to be seeking a commercial settlement with the tax office, and interests associated with Mr Pollock have made substantial payments to the tax office in recent months.
Separately, the tax office lodged a writ last October for $372,000 against Ms de Hollander, whose company Soils aint Soils WA was closely linked to Mr Pollock’s businesses of the same name.
And earlier this month, the commissioner of state revenue issued a local court summons for $22,569 against Ms de Hollander.
Meanwhile, Mr Francis and Mr McMaster are finalising the sale of assets from the 14 companies that were placed in receivership or administration.
Mr Francis said Supreme Court examinations had identified additional assets.
“We have recovered assets during the course of the receivership that hadn’t previously been disclosed,” he said.
A major asset still to be sold is a 22-hectare leasehold site in Hazelmere, near Perth airport, worth between $4 million and $5 million.
Colliers International executive Simon Matthews, who was appointed to sell the land, said he expected the sale to be completed as soon as lease terms were negotiated.
However, the disbursement of the sale proceeds depends on the outcome of a court appeal by Police & Nurses Credit Society, which has challenged a February Supreme Court ruling giving priority to National Australia Bank.
Police & Nurses chief executive Fred Huis said that if the legal challenge was not successful, a claim would be made against the valuer to cover any shortfall.