A collapsed biotechnology business ran into financial strife partly because of “excessive” director pay, poor expense controls and sustained trading losses, according to early findings by insolvency experts.
The administrators of iQ Group Global have also raised initial questions about hundreds of thousands of dollars in director-linked spending, including company funds charged for “expensive dinners and lunches” and donations to an orphanage.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
