Bankrupt businessman Aaron Hickmann to be referred to ASIC for potential investigation
A liquidator has called for further investigation into claims Vailo founder Aaron Hickmann has obstructed inquiries into his financial affairs.
Bankrupt South Australian businessman Aaron Hickmann will be referred by liquidators to ASIC for potential further investigation, amid claims he has obstructed their inquiries into his financial affairs.
A report by liquidator Sheahan Lock Partners, published by ASIC on Wednesday, also states that large Australian Taxation Office tax refunds deposited into some of Mr Hickmann’s companies’ bank accounts were quickly transferred to his personal accounts.
It says it is investigating how Mr Hickmann, whose lighting company Vailo was the naming rights sponsor of the Adelaide 500 supercars race from 2022 until 2024, used this money. No criminal charges have been laid.
The report names 30 Hickmann-related companies that are being liquidated.
It says ATO has lodged proof of claims totalling about $257 million against several companies associated with Mr Hickmann, while National Australia Bank says it’s owed almost $40 million, and other creditors have lodged a range of claims.
The claims are yet to be reviewed or accepted.
However, Sheahan Lock Partners warned that any creditors are unlikely to receive any dividend.
It also says little is known about Mr Hickmann’s companies due to his “lack of co-operation” and the information it has obtained has been through its own investigations and from material provided by third parties.
“To date, Mr Hickmann has failed to submit a ROCAP (Report on Company Activities and Property) for any of the companies,” the report read.
“We have also made requests to Mr Hickmann that he deliver up to us each of the companies’ books and records. He has failed to do so.”
By law, a company’s director is required to submit a ROCAP to liquidators within 10 business days of the company winding up.
ROCAPs include a summary of company’s assets and liabilities, and details of its activities before going into liquidation.
Sheahan Lock Partners says it will seek assistance from ASIC to compel Mr Hickmann to comply with his statutory obligations.
It also said as a liquidator, it had a duty to report “any offences we know or suspect have been committed under the Corporations Act” and “failure to submit a ROCAP or deliver books and records are such offences”.
“Accordingly, we will shortly report Mr Hickmann’s conduct in that regard to ASIC,” the report read.
“ASIC will then determine whether to refer Mr Hickmann’s conduct for criminal prosecution.”
The liquidator’s report also claimed Mr Hickmann’s former accountant Gary Olsen had “failed to comply with our statutory notices requiring delivery to us of the companies’ books and records” and it was considering options to compel Mr Olsen to comply with his obligations.
In another section of the report, Sheahan Lock Partners stated its investigations to date had also indicated that some of Mr Hickmann’s companies had claimed to have paid large amounts of GST on its purchases and received no GST on its sales, resulting in refunds from the ATO.
“In many cases, the companies that received those large sums from the ATO would transfer those monies out of the companies’ accounts shortly thereafter.... We have been able to determine that, in at least some cases, funds were paid to Mr Hickmann’s personal accounts,” the report read.
“We are investigating the application of those funds by Mr Hickmann.”
Mr Hickmann has been contacted for comment.
Mr Olsen declined to comment.
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Originally published as Bankrupt businessman Aaron Hickmann to be referred to ASIC for potential investigation
