Privium’s transfer to Hillsong Church to be investigated by administrators

Administrators investigating the collapse of Privium Group are looking into a “not immaterial” transfer from the failed building giant to an entity linked to Hillsong Church.

Administrators investigating the collapse of Privium Group are investigating a “not immaterial” transfer from the failed building giant to an entity linked to Hillsong Church.

Privium founder Rob Harder is a senior member and donor to the megachurch based in Brisbane’s Bible Belt southern suburb of Mt Gravatt. Harder also is a member of Hillsong’s Kingdom Builders, who are financial leaders within the church and make an annual commitment to contribute each year to its charity wing, the Hillsong Foundation.

In a video posted on YouTube in March, Harder can be heard extolling the virtues of Kingdom Builders and church leader Brian Houston.

Harder also is heard on the video explaining that the Covid-19 pandemic had hit the building industry hard and his company had laid off staff.

Talking to other members of Hillsong in the video, he says his involvement in Kingdom Builders “had stretched me into all that God’s got for me”.

FTI Consultants, who have been appointed administrators of the Privium group of companies, have identified a “not immaterial sum” to an entity attached to Hillsong. “The transfer from Privium to various related entities is being reviewed and our findings will be outlined in our

updated report to creditors in mid December,” says FTI insolvency head John Park.

Creditors this week heard that Privium had less than $400 in the bank after it collapsed leaving 890 homes around the country that were either under construction or in the preconstruction phase.

According to documents lodged with ASIC by liquidator FTI, Privium owes more than $80m, much of it in the form of loans to related entities in the group. The Privium Group – including Privium Assets, Privium Investments and Privium Civil – is owed more than $47m in loans. There was a $23m secured loan to Bank of New York Mellon and about $8m owed to subcontractors, $8m to suppliers and $1m to various other creditors.

Comment has been sought from Rob Harder and Hillsong.

ROB Harder started life on the tools as a builder’s labourer and carpenter.

SMASHING IT

HE turned a suburban veterinary practice into a billion-dollar business, now Shark Tank investor Glen Richards is turning his attention to the humble avocado.

The Greencross founder sits on the board of food technology company Naturo, which has come up with a patented freezing process that prevents cut avocado pieces from going brown.

Richards (illustrated) tells your diarist that Naturo is putting the finishing touches to a new factory in Mexico that will be able to expand its range of frozen sliced and diced avocado products. Naturo already provides avocados to Woolworth’s pre-made salads “The process is able to extend the shelf life of avocado to 10 days,” says Richards.

Since exiting the pet care business three years ago, Richards has been focused on investments in human health and wellbeing.

Greencross founder Glen Richards at home with his dogs Beau and Alfie,

He is the chair of ASX-listed Healthia, which owns MyFootDr and Allsports Physiotherapy Group, and last month along with the Melbourne-based Gandel family invested $2m in Queensland disability support service startup Kynd.

Kynd connects NDIS participants directly with support workers, allowing people to match with those they are likely to have something in common with – rather than just being assigned a support worker. Kynd is the brainchild of Gold Coaster Michael Metcalfe, who discovered the shortfalls and frustrations of the disability and care sector when his mother needed short term support for a medical emergency

LONG HALLMARK

IT’S been a long haul but the Hallmark Group finally has control of one of Fortitude Valley’s mega nightclub sites.

Famous nightclub — formerly Hot Gossip — closed last year after it was damaged by fire.

Hallmark, which owns the recently reopened Finn McCools next door, holds the lease for the massive 929sq m site.

However, it’s future was in doubt with the lawyers called in.

Artesian Hospitality, owned by Gold Coaster Matthew Robert Keegan, had sued a company owned by the Moc family – worth at least $100m mostly through their Chinatown property portfolio – alleging they reneged on a deal to lease Artesian their “unique” property.

The Supreme Court recently ruled in favour of the landlord and Hallmark Group has now sealed the leasing deal.

Hallmark Group director Scott Hempel said they were excited about the opportunity.

“We look forward to adding a new venue to our strong portfolio of bars, clubs and nightclubs across South East Queensland,” he says. “Stay tuned for an announcement on our vision for the space in coming months.”