An Italian olive oil business half-owned by Jon Adgemis made no money over seven years and reported production valued at just €1, despite being lent hundreds of thousands of dollars by the bankrupt dealmaker.
Olivetta Dreams, established in 2017 and based in a small town a half hour’s drive from Monaco, was lent more than $625,000 from Adgemis between October 2016 and April 2019 for the “purchase of property and funding of repairs”, according to affidavits filed by the Australian Taxation Office.
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