Friday 7 November 2014

Albarran and Pleash repay mystery $16k

ONE consequence of Justice Ashley Black's recent judgement in the matter of Joe & Joe Developments has been the repayment of a curious and unexplained invoice that Joe & Joe's deed administrator Richard Albarran authorised be paid on June 16, 2009.

The invoice came from Shalton Consulting, an entity associated with Dinimus Capital's principal and founder, Oliver Trajcevski. Hall Chadwick partner Blair Pleash told a recent court hearing that his colleague Albarran authorised payment of the invoice in the sum of $16,855.91.

The hearing was a consequence of one of Joe & Joe's shareholders suing Pleash and Albarran for allegedly handling the company's affairs in a manner prejudicial to the interests of its members and shareholders. In Justice Black's judgement, the Shalton payment came in for special attention.

"In my view, a proper basis has been established for an order that Messrs Albarran and Pleash should repay the amount of the payment to Shalton Investments to the Company (Joe & Joe), leaving them to any rights that they may in turn have against Shalton Investments."

What is interesting about the judge's order is the reference to Shalton Investments. According to the deed administrator's cash book, the payment was made to Shalton Consulting.

The letter from the deed administrator's lawyers advising of the repayment also refers to Shalton Consulting. "We advise that in accordance with paragraph [192] of the judgement of his honour Justice Black dated 22 October, 2014, repayment by the deed administrators of the Shalton Consulting invoice amount to the Deed Fund occurred on 29 October, 2014."

A search of the ASIC companies and organisations and business names registers by SiN did not yield any reference to a Shalton Consulting. ASIC company records do show a Shalton Investments, which lists an Oliver Trajcevski and a Natalie Trajcevski as directors and shareholders.

Why an asset rich property development company with minimal debt required the kind of services Trajcevski provides did not come to light during the hearing.

As his CV explains: "Oliver has 18 years of experience focused on Corporate Finance and Investment Banking. He has structured transactions spanning a diverse range of industries, assisting both Private and Public listed companies.

"Prior to establishing Dinimus, Oliver has worked at Fortress Investment Group, GE Capital, and PriceWaterhouseCoopers.

"His core areas of expertise lie in Risk and Underwriting, Structured Finance, Asset Management, and Principal Investment for Private Equity Funds, Hedge Funds and Publicly Traded Alternative Investment Vehicles."

Perhaps the deed administrators have used Trajcevski in the past on other administrations and elements of the Joe & Joe job indicated that his services may have been beneficial? 

Background reading: Court hears of 'disturbing' mystery payment

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