Robert Bates, founder of the failed Aquamamma and Aurum+ wellness start-ups, has admitted that none of the investors alleging he misled them have been paid back, but says their agreements contained no specific timeframe for repayment.

Mr Bates allegedly reneged on promises to buy back shares in companies that failed to reach revenue targets. The businessman and his then partner Emma Gibson, Aquamamma’s chief executive until 2022, once had a fortune of $145 million, according to the Financial Review Young Rich List. Ms Gibson described her company as “a billion-dollar business all day long”, with a revenue target of more than $120 million.