Queensland’s government has put a politically-connected cybersecurity business into insolvency within six months of it winning a state contract to run a $15 million safety program.
Cryptoloc Holdings’ liquidation was executed this month in the Supreme Court after failing to repay $1.51 million demanded by the state for money already advanced, the ABC can reveal.
Court-filed correspondence shows a disintegration of confidence amid questions about Cryptoloc Holdings’ financial strength and spending.
“You have failed to properly explain Cryptoloc’s asserted expenses and contracts,” one government legal letter stated.
The state also maintained no-one from Cryptoloc Holdings had responded to queries since December last year.
Jamie Wilson (second…
