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.
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Primrose Riordan covers private companies and family offices from the AFR's Sydney newsroom. Primrose was previously a correspondent for the Financial Times and covered foreign affairs and politics in Canberra. Primrose has won multiple awards for her journalism including from The National Press Club, SABEW in the US and Press Gazette in the UK. Message Primrose on Signal: https://tinyurl.com/PrimroseSignal Connect with Primrose on Facebook and Twitter. Email Primrose at primrose.riordan@afr.com
