Failed hospitality tycoon Jon Adgemis funded his luxury lifestyle with credit cards and money flowing through his collapsed pub empire, according to a new bankruptcy report detailing the businessman’s complex financial dealings and mounting debts.
Adgemis, once in control of 22 pubs and hotels across Sydney and Melbourne and now burdened with $1.8bn in debt, was bankrupted two months ago after the Australian Taxation Office seized control of his attempted insolvency and appointed a new trustee.
The report by Pitcher Partners partner Andrew Yeo outlines a web of companies, assets and vehicles tied to Adgemis.
It reveals he expects to earn $490,000 a year from an undisclosed employer and lists undisclosed precious jewellery,…