First Guardian’s former CIO Simon Selimaj seeking to sell assets
The Federal Court has heard former First Guardian CIO Simon Selimaj is seeking to sell assets to pay his legal fees.
Falcon Capital director Simon Selimaj is seeking to sell assets including paintings and a parcel of listed shares, the Federal Court has heard.
Lawyers for Mr Selimaj, the former chief investment officer of the First Guardian Master Fund, were in court on Thursday alongside lawyers for receivers of the now-collapsed fund.
In a brief hearing peppered with confusion over a lack of instructions received from Mr Selimaj, his solicitor was quick to bring up the matter of payment of legal fees with the court, alongside the request to sell the assets.
Mr Selimaj has incurred legal costs of $160,000 to date that are yet to be paid, his lawyer said.
“One of the concerns that our office has relates to the cost that we are incurring, and the ability to actually sell paintings and sell the shares,” his lawyer told the court.
“Diverting to parts of the orders that are … relevant to our participation in this matter, there are orders authorising the sale of assets for the purpose of legal fees incurred.”
In August, it was revealed that Mr Selimaj has just $200,000 of assets, consisting of three paintings and a single $18,000 equity position in a listed company.
He and fellow Falcon Capital director David Anderson ran the First Guardian Master Fund from 2019 until it collapsed into liquidation in April this year, leaving 6000 Australians without their superannuation.
All up, investors put about $500m into the fund over the few years it was in operation but liquidators have warned much of the money may not be recovered. The corporate regulator, the Australian Securities & Investments Commission, alleges the money was mismanaged and put into related-party investments.
A 2023 Lamborghini Urus, found in Mr Selimaj’s possession earlier this year, is also alleged to have been bought with money from the fund.
Lawyers for the receivers did not oppose the sale of the assets, only stating their position that any sale should be taken at arm’s length and at market value.
The court heard arguments from both sides on the documents and evidence receivers are seeking from Mr Selimaj that has yet to be produced. Among the evidence receivers are seeking are a list of assets purchased and sold in the past five years as well as relevant documents in relation to renovations and maintenance of his Melbourne apartment.
Court was adjourned until Friday.
