PwC said investor funds totalled about $54.2 million as at December 10, 2025 (when the interim liquidators were appointed), comprising about $50.4m in debt investments and $3.8m in CVICL equity.
It said investor interest – and in some cases, redemption payments – were largely funded by new investor money, not investment returns.
Key findings included extensive activity related to Whimp’s personal interests.
“A substantial level of activity and use of investor funds, including via advances to related entities outside of the group, appears to be related to the personal interests of the director and his family members.”
It went on to say: “Decision-making within the group is highly centralised to one person (Mr Whimp) with no…