Sy Nguyen linked to proposed $100k loan with Joel Selwood

A man accused of defrauding GenU of millions of dollars is understood to have proposed a loan arrangement with Geelong Cats icon Joel Selwood.

Ex Geelong skipper Joel Selwood. Pic: Michael Klein

A business ensnared in an alleged multimillion dollar fraud is still listed as a corporate partner of the Geelong Cats, as links between one of the accused fraudsters and club legend Joel Selwood have been revealed.

Sy Giang Nguyen is one of two men accused of defrauding disability provider genU of $14.5m and reportedly proposed a loan arrangement to Mr Selwood.

It’s understood Mr Selwood was named in a contract as the lender of $100,000 to Sy Giang Nguyen in 2013.

According to The Age, Mr Nguyen made plans for a financial deal with Mr Selwood, and proposed to borrow $100,000 and repay the principal and interest of $10,000 after eight months.

It is unknown if the transaction was completed.

Sy Giang Nguyen

Mr Selwood said he had no comment on the matter when contacted by the Geelong Advertiser on Monday and the Geelong Advertiser is not suggesting Mr Selwood has done anything inappropriate.

Mr Selwood played 355 games for Geelong between 2007-2022 and captained Geelong to a premiership in his last season with the club.

Newtown man Sy Giang Nguyen, 57, and 74-year-old Keith Roger Greenwood, of Lara, as well as Mr Greenwood’s company Ryrie Office Machines, are being sued by genU.

Keith Greenwood

Ryrie Office Machines, a business supplies business, describes itself as an “integral part of the Geelong Football Club for over a decade”.

Mr Nguyen has also been listed as a player sponsor of the Geelong Football Club.

Mr Nguyen, who is understood to have previously worked at genU for a number of years, and Mr Greenwood are accused of working together to allegedly fraudulently obtain funds from genU in the sum of $14.5m.

GenU is seeking compensation and has taken the matter to the Supreme Court.

Authorities said the matter was first reported by genU to police in February 2023 after it found suspicious activity relating to accounts being wrongfully charged to the organisation.

Police allege the activity occurred during a five-year period.

Mr Nguyen and Mr Greenwood were arrested, but released pending summons. No charges have been laid.

Ryrie Office Machines is still listed as a corporate sponsor of the Geelong Cats, according to the club’s website.

The football club would not comment when asked about its association with the business.

Originally published as Sy Nguyen linked to proposed $100k loan with Joel Selwood