The report comes just days after Victorian Supreme Court Justice Ross Robson offered a scathing assessment of Mr Mawhinney as he ordered the provisional liquidation of companies backing another Mayfair 101 fund, the $81 million IPO Wealth.
The findings will make for grim reading for secured MCore noteholders anxious about the status of their funds, in addition to investors in Mayfair Platinum’s $72.9 million M+ unsecured debentures.
Mr Jahani said on Thursday that his investigations found the majority of funds invested by unitholders were provided to Eleuthera Group, Mayfair 101’s treasury company. The remaining funds were used to pay the operating expenses of the Mayfair 101 Group.
The loan to Eleuthera was the company’s key asset b…
Read the full article at: https://www.afr.com/companies/financial-services/mayfair-secured-fund-investors-facing-potential-wipe-out-20200924-p55yw1
