In a statement to the ASX on Friday, John McGrath has denied the existence of a $100 million lending facility that allegedly is funding his expensive gambling habit.
Over the weekend it was reported that real estate mogul John McGrath is $16.2 million in debt to gambling.
Fairfax Media reported that McGrath allegedly owes $16.2 million to the Tom Waterhouse betting company William Hill Australia.
It is alleged that McGrath has an account at William Hill under the name of “John Wilson”, which is in $16.2 million worth of debt.
Tom Waterhouse refused to reveal the name of the account holder when the story initially ran on Saturday.
The story caused shares in McGrath’s listed company McGrat…
Read the full article at: https://www.businessnewsaus.com.au/articles/mcgrath-breaks-silence-on-allegations-of-gambling-on-the-company-dime.html