Latest news with #LaTrobeFinancial
Daily Mail
27-05-2025
- Business
- Daily Mail
Pub baron's eye-watering debts get personal as he's accused of remortgaging his mother's multimillion-dollar Rose Bay home without her knowing
A playboy executive turned pub baron allegedly remortgaged his mother's luxurious Sydney mansion without her knowledge in a bid to pay off his pub empire's debts. Jon Adgemis allegedly mortgaged the Rose Bay home to pay of his business debts to La Trobe Financial, which now amount to $6.2million. The financier applied to the courts to take possession of the mansion – bought in 2018 for $4.5million – in a bid to recoup its loans. La Trobe would then look to sell it for as much as $10million. However, the financier has run into trouble trying to enforce the move. His mother is fighting to keep the property, where both her daughter and grandson live, according to court documents. Justice Stephen Rothman heard the case and made a preliminary judgement to allow it to proceed. He stated Adgemis' mother is claiming she 'does not recall and has no record of ever receiving' any legal documentation from La Trobe's endeavours to enforce a loan agreement, according to the Australian Financial Review. She denied hiring the law firm which represented her in the main dispute. A default judgement made against her was overturned and a cross-claim filed to remove the mortgage. The mortgage had been taken 'without the knowledge of the first defendant and without her authority,' Justice Rothman said in his written explanation of the claim. Adgemis 'conducted all of the meetings and arrangements in relation to the property and mortgage, none of which seems to have been explained or adequately explained,' to his mother. In a ruling on the house dispute, Justice Rothman said it could be argued the ownership between Mr Adgemis and his mother changed. In such a case, it would follow that debts could only be enforced against the businessman. Justice Rothman considered Mr Adgemis' nephew, who is disabled, needs full time care and lived in the Rose Bay home following the installation of a series of modifications made to cater to his needs. The nephew may have beneficial ownership in some of the equity in the home, the justice said, and he would need to be represented in the case to have his interests asserted. Justice Rothman granted a temporary stay on La Trobe financiers taking possession of the property given Mr Adgemis' mother had an 'arguable case'. She is set to file her defence in June. Adgemis' woes began after he left his dealmaker role at professional services heavyweight KPMG. He was the head of mergers and acquisitions at accounting giant KPMG. He founded the Public Hospitality group in 2021 and accumulated a sprawling portfolio of 20 venues and developments across Sydney. One of his companies splashed more than $50million on pubs. The portfolio included The Town Hall in Balmain, The Kurrajong in Erskineville, The Exchange in Darlinghurst and The Camelia Grove in Alexandria. He funded the rapid acquisitions and developments with borrowed money, against a low cash-rate during the pandemic. Increased financing costs sent his company to the brink of collapse in recent years, and a number of the venues went into administration in 2024. Monacobased fashion heir Richard Gazal also brought legal action against Adgemis with a personal bankruptcy claim to the tune of $26million plus interest. Public Kitchen, an entity within Public Hospitality, also faces winding-up by the Australian Taxation Office (ATO) in the Federal Court. The ATO clocked an alleged $286,175 default on the firm last week, filed to the courts on Friday. In the past, the taxation office also conducted raids on Adgemis' home and business.
Sky News AU
15-05-2025
- Business
- Sky News AU
Asset managers a rare beneficiary from Labor's proposed super tax changes as panicked Aussies divert savings, investments
Panicked Aussies are taking drastic steps to avoid being hit by Labor's proposed super tax changes to the benefit of some asset managers, as many divert their savings and assets. The Albanese government's plan to impose a 30 per cent tax on super funds above $3 million, including unrealised capital gains, looms as Labor and the Greens are likely to join forces in the Senate to pass legislation after the former's massive federal election win. It has raised concerns for Australians with SMSFs as many put assets – including farms, properties and shares – into their accounts. One of the beneficiaries from the proposal are asset managers who specialise in fixed interest investments, Sky News' Business Editor Ross Greenwood said in an interview with La Trobe Financial's CEO Chris Andrews. 'We're already hearing that Ross, there's no doubt about that,' Mr Andrews said. 'As an investment offering with low capital volatility, low prospect of capital gains (and) really consistent income-based returns - it's true, those sorts of policies are favourable to a business like ours.' The La Trobe Financial CEO also took aim at Labor for looking to make changes to the superannuation system as it remains one of the party's flagship policies following its establishment in the 90s under former prime minister Paul Keating. 'One thing about a policy like this is you can fundamentally undermine what has been a flagship Labor policy - superannuation,' Mr Andrews said. 'Fiddling with those settings can have long term unintended consequences.' Mr Andrews' comments follow a report in the Australian Financial Review which stated financial advisers were seeing a trend of wealthy retirees selling assets and restructuring their portfolios to avoid the proposed super tax changes. One such advisor, Noel Beharis, said there was a 'significant amount of panic' amongst Aussies with self-managed super funds. 'For members of retirement age who can cash out their superannuation benefits, they have started the process of selling down assets and transferring the assets out of the fund to vehicles that will hold that wealth going forward,' he told the AFR. 'They are using the proposed changes as an opportunity to review their succession plans and setting up the appropriate structures to carry those plans out.' Wilson Asset Management's founder Geoff Wilson has warned the tax changes would be a detriment to small business in Australia. 'People will move away from taking risks. They'll restructure their investments," Mr Wilson told Sky News in a recent interview. Mr Wilson also said local entrepreneurialism and innovation would be under threat, as many investors use self-managed super funds to invest in tech start-ups. 'Mr Albanese is correct in terms of the tax only affects a very small number of people in terms paying extra tax," he said. "But it actually affects every Australian in terms (of the fact) the $4.2 trillion is now going to be not going to be productively invested... I actually think it's a disaster.' The tax has been forecast to raise $2.3 billion in its first full year of implementation (2027–28), with revenue climbing to $40 billion over a decade.
News.com.au
15-05-2025
- Business
- News.com.au
Investors must expect ‘turmoil' across their ‘investment horizon'
La Trobe Financial Chief Executive Chris Andrews discusses how volatility in global markets changes investor behaviour. 'If you think back to the late 80s, we had a Republican in the White House, turmoil in Russia, and we had Labor in government here in Australia,' Mr Andrews told Sky News Business Editor Ross Greenwood. 'So, people talk about turmoil, but look, 25 years later, what do we have? Turmoil in Russia, a Republican in the White House, and we have Labor in government here in Australia. 'So every investor needs to think of turmoil being the consistency, the one thing that will continue to happen across their investment horizon.' In partnership with LaTrobe Financial.
Sky News AU
15-05-2025
- Business
- Sky News AU
Investors must expect ‘turmoil' across their ‘investment horizon'
La Trobe Financial Chief Executive Chris Andrews discusses how volatility in global markets changes investor behaviour. 'If you think back to the late 80s, we had a Republican in the White House, turmoil in Russia, and we had Labor in government here in Australia,' Mr Andrews told Sky News Business Editor Ross Greenwood. 'So, people talk about turmoil, but look, 25 years later, what do we have? Turmoil in Russia, a Republican in the White House, and we have Labor in government here in Australia. 'So every investor needs to think of turmoil being the consistency, the one thing that will continue to happen across their investment horizon.' In partnership with LaTrobe Financial.
