You thought Tony Bellas had paperwork issues? Compared to this one, the sloppiness of the swiftly retired Corporate Travel Management chairman’s administration was downright negligible.

The 20.74 million shares the company’s chief executive Jamie Pherous speaks for (worth $508 million on paper at Monday’s close) are held by Pherous Holdings Pty Ltd, of which Pherous is the sole director and shareholder. Well, they were.