The $100,000 loan contract between Cats legend Joel Selwood and an accused fraudster

Geelong legend Joel Selwood was named in a contract as the lender of $100,000 to a club sponsor who is now under police investigation and accused in court documents of fraudulently obtaining an estimated $14.5 million from a charity.

Draft loan documents obtained by The Age reveal the 355-game champion was due to receive $10,000 in interest from the proposed loan in 2013 to Sy Giang Nguyen.

Retired Geelong Cats skipper Joel Selwood.Credit: Getty Images

While the document was signed by Nguyen, Selwood’s signature is not on the version of the contract obtained by The Age, and it is unknown if the loan proceeded.

Nguyen was an IT operations manager at genU until his dismissal in October 2022. The 57-year-old and a local businessman have since been accused of orchestrating an elaborate fraud against the Geelong-based not-for-profit organisation.

The draft contract between Selwood and Nguyen raises further questions about the relationship between some Cats players and sponsors, and whether such financial relationships should be declared to the club and the AFL.

The Age does not suggest Selwood knew anything about Nguyen’s allegedly fraudulent scheme or there was any wrongdoing involved in the loan documents, only that it is unusual for an AFL player to be involved in private financial deals with sponsors without the club’s knowledge. There is also no suggestion that Selwood had any knowledge of Nguyen’s allegedly fraudulent scheme or what his loan would be used for.

An investigation by The Age revealed last month that Nguyen allegedly colluded with Geelong businessman Keith Greenwood to rort millions of dollars from genU by buying or leasing thousands of IT products that were never delivered, according to documents filed in the Supreme Court.

Greenwood’s business, Ryrie Office Machines, is also accused of oversupplying and overcharging for IT hardware and software ordered by Nguyen.

Greenwood and Nguyen – both sponsors of the Cats – remain the subject of a long-running investigation by the financial crime squad, while genU has launched civil action against the pair to recoup the allegedly stolen funds.

GenU, which provides disability, aged care and employment services, is one of the nation’s largest providers for the National Disability Insurance Scheme.

Former genU IT operations manager Sy Giang Nguyen (circled) in a past photo with the Geelong team.

In 2013, Nguyen made plans for a financial deal with Selwood, who had been appointed captain of Geelong the previous year and had signed a five-year contract extension worth several million dollars.

Loan documents reveal Nguyen proposed to borrow $100,000 from Selwood, who would be repaid the principal and interest of $10,000 after eight months.

No collateral was required under the loan agreement, which was made on November 27, 2013.

“The parties have agreed that no security is required for this loan,” the deed drafted by Nguyen says.

Sy Giang Nguyen tosses the coin before a Geelong-Adelaide AFL game in August.Credit: Fox Footy

Another loan agreement also made on November 27, 2013, reveals Selwood’s company, JAMS 14 Pty Ltd, planned to lend $100,000 to a financial planner for an eight-month term with an interest rate of 15 per cent per annum.

That contract was also unsigned by Selwood, and it is unknown if the transaction was completed.

Selwood’s manager, Tom Petroro, declined to comment. The Geelong Football Club was approached for comment.

The AFL did not respond to questions from The Age.

However, the league has previously rejected a commercial arrangement between Selwood and the Costa Property Group as part of a crackdown on third-party payments by the AFL’s former investigation manager, Ken Wood.

Under the deal, the residential development business owned by former Geelong president Frank Costa had paid Selwood to have his image used on billboards around Geelong.

However, the AFL decision in February 2013 required Geelong to include any further payments from Costa Property Group in its total player payments, or salary cap.

Geelong has recently been the subject of speculation regarding its recruitment of Western Bulldogs star Bailey Smith, who had an existing commercial relationship with retail giant Cotton On, which is also a major sponsor of the Cats and provides their on-field apparel.

The AFL is also investigating the appointment in October of coach Chris Scott as chief of leadership and performance at Morris Finance, which is also a major sponsor of the club. Morris Finance has been a sponsor of Scott for the past five years, in addition to their long-standing role with Geelong for the past 14 years.

New Cat Bailey Smith.

Both Nguyen and Greenwood have also been significant benefactors of the Cats for more than a decade.

Nguyen’s phone records from January 2014 to August 2015 reveal the former IT manager was in regular contact with several Cats players, at least two executives and former coach Mark “Bomber” Thompson. Nguyen’s phone records also reveal the 57-year-old spent several days at Crown casino each week during that period, while also travelling on more than a dozen interstate and overseas trips, despite earning less than $140,000 a year at genU.

The Age revealed last month that Nguyen allegedly leased or bought 3815 products from Ryrie Office Machines that were not supplied to genU, including 182 servers, 542 desktop and 309 laptop computers, 1462 monitors and 989 docking stations, according to more than 600 pages of court documents.

Greenwood’s IT business also allegedly charged genU more than $2.2 million for six different software licences that appear to have never been delivered to the not-for-profit organisation.

“It appears that Mr Nguyen has orchestrated a fraudulent scheme in respect of the supply of IT hardware and software to genU for the benefit of himself and another, being Ryrie Office Machines,” genU chief executive Clare Amies said in an affidavit signed on September 23.

Detectives from the financial crime squad arrested and interviewed Nguyen on August 1 after executing a warrant at his Newtown home. No charges have been laid against him.

Greenwood was arrested and interviewed on September 5 and released without charge as the investigation continues.

Another employee of Ryrie Office Machines was arrested in November and released without charge.

On September 26, the Supreme Court granted genU a freezing order against assets controlled by Nguyen, Greenwood and Ryrie Office Machines, which is owned by Greenwood’s company, Basswood Nominees.

Nguyen’s lawyer, Roger Vrachnas from Gigliotti Lawyers, declined to comment while the matter was before court.

Greenwood’s lawyer, Colin Almond from HWL Ebsworth Lawyers, previously denied “any allegation of wrongdoing or involvement in any improper or illegal conduct” by his client.

Get the day’s breaking news, entertainment ideas and a long read to enjoy. Sign up to receive our Evening Edition newsletter.