Days later, voluntary directors at EY have been referred to as in to a number of different non-operating entities associated to Sargon. That led to OneVue, a superannuation platform supplier, sending in its personal receivers from PricewaterhouseCoopers. OneVue is owed an impressive $31 million fee from Sargon Capital for its Diversa Trustee enterprise.
OneVue’s receivers then took management of two property held inside Sargon entity SC Australia Holdings 1: $4.6 million price of inventory in ASX-listed Sequoia Monetary Group on Wednesday, and 100 per cent of Madison Monetary Group.
Madison Monetary Group is a wealth advisory agency that Sargon Capital had bought and was set to rebrand this 12 months. OneVue informed its traders that the rebrand wouldn’t go forward pending a potential sale of the enterprise.
Sargon Capital enterprise continues to function and the corporate has burdened that solely non-operating entities have entered voluntary administration or had receivers appointed.
Nevertheless, what the scenario means for Sargon’s development plans is unclear. It has spruiked the worldwide development potential of superannuation tech in quite a lot of boards over the previous 12 months, together with on the Melbourne Intersekt fintech convention final October.
Final June it additionally took out sponsored content material posts on-line within the Australian Monetary Assessment wanting on the altering face of Australia’s superannuation sector.
For the reason that appointment of McGrath Nicol, Sargon has refused a number of requests for additional remark and cancelled a scheduled interview with Mr Kingston after the corporate pulled out of a presentation at startup convention Pause Competition in Melbourne on Wednesday.
It remained a sponsor of the convention, nevertheless, with an “unique” banquet with curated drinks promoted in its title.
Neither Pause Competition or Sargon will affirm whether or not Sargon has made the required fee for the sponsorship.
In the meantime, organisers of a media lunch scheduled for subsequent week that includes Sargon and one in every of its purchasers, Sisense, knowledgeable reporters that occasion would now comply with the ‘Chatham Home Rule’ the place quotes can’t be attributed to their sources and mentioned Mr Kingston wouldn’t take questions.
Receivers and directors have declined to go on the file concerning the elements that led to their appointment to Sargon at this stage, saying it was too early so as to add additional element.
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Emma is the small enterprise reporter for The Age and Sydney Morning Herald based mostly in Melbourne.