Andrew Demetriou grilled in Supreme Court over $900k role with Acquire Learning
Former AFL boss Andrew Demetriou has been grilled under oath over his $900,000-a year three-day-a-week advisory role with the failed educational group Acquire Learning.
Law & Order
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Former AFL boss Andrew Demetriou has been grilled under oath over his $900,000-a year three-day-a-week advisory role with the failed educational group Acquire Learning.
The now Crowns Resorts director was forced to appear in the Supreme Court today, where he faced a full day of questioning by the company’s liquidators.
The public examination was launched by the Australian Taxation Office as it investigates if any of Acquire Learning’s directors and officers have committed any offences.
PREVIOUSLY: ACQUIRE LEARNING FINED $4.5M IN FEDERAL COURT
ACQUIRE LEARNING ACCUSED OF TRAINING COURSE PRESSURE
It has been suggested the company — which signed up students and job seekers to vocational training courses — continued to operate and take government funding, racking up hundreds of millions of dollars in debts, when insolvent.
Mr Demetriou, who was executive chairman of Acquire’s advisory board, has not been charged with any wrongdoing.
He wiped his hands clean of being involved in the company’s dramatic fall, telling the court he had little knowledge of its financials.
“I wasn’t involved in operational matters,” Mr Demetriou said.
He described his role as “primarily to open doors”, “use my network of contacts” and be a “sounding board for a young group of people wanting to start a business”.
Among the group to establish Acquire in 2012 was Mr Demetriou’s nephew Tim Demetriou.
In an August 2014 email, shown to the court, Andrew Demetriou told his nephew Acquire was worth between $1.2 and $1.5 billion.
During the month of June 2014, it returned a staggering $7.06 million profit.
But when it collapsed in April 2017, it owed creditors $145 million.
The court heard Mr Demetriou had 2.25 per cent share in the company, and had asked for an advanced dividend payment on at least two occasions.
In September 2014, after successfully requesting $100,000, Mr Demetriou replied in an email: “Thank you. My wife will now be happy in Dubai!”
Mr Demetriou has finished giving evidence, but company directors Tim Demetriou, racing identity John Wall and Jesse Sahely are expected to also face questioning.
The hearing, before Judicial Registrar Julian Hetyey, continues tomorrow.