Nicole Tyson, counsel for Kingston’s trustee in bankruptcy, told the Federal Court last week that Kingston had further bank accounts and, potentially, assets in Hong Kong that required investigations to learn more about his financial position.
The court heard the $151 million provided to the Sargon-associated company by the Chinese financier appeared to have been deposited into one of Kingston’s personal bank accounts in Hong Kong.
“In essence … there have been very significant amounts of money paid into bank accounts in Hong Kong that were the subject of the judgment of Justice [Jim] Delany of the Supreme Court of Victoria,” Tyson said.
“The trustee has been unable to essentially reconcile and trace all the payments in and payments out, and we’re talking about very significant sums of money.”
The Federal Court granted the bankruptcy trustee’s request for judicial assistance from the Hong Kong courts in obtaining access to Kingston’s full banking records for his offshore accounts.
Kingston has long protested the enforcement of the debt and the resultant liquidation of the group. He has also previously said he was assured by Sargon’s financier and advisers that he was not personally liable for the debt.
Kingston did not respond to requests for comment.
Investigations into his financial affairs continue.
The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.
Read the full article here
