The former boss of collapsed pub group Virtical has been accused of acting as a shadow director, controlling bank accounts and operations for a flagship pub and luxury resort project despite resigning and installing a new director less than a month before the business went under.
John Palasty, also known as John Palasti, resigned as a director of Eden Australasia and The Sapphire Australasia on September 5, 2024. The two companies owned and operated the 120-year-old Hotel Australasia and a $100 million luxury resort project, dubbed the Sapphire of Eden, both in the NSW South Coast town of Eden.
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Max Mason covers financial crime, courts and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
