Embattled real estate company McGrath Limited has found itself in even more trouble, following rumours that founder and incoming chairman John McGrath has a huge gambling debt.
McGrath ended Fridays session with a share price of $0.46 cents.
The price had already taken a tumble upon news that the McGrath Board had quit after the company downgraded its six-month earnings.
Mr McGrath is currently the only remaining Board member and is expected to step in as executive chairman.
Over the weekend, Fairfax revealed that Mr McGrath has a $16 million gambling debt to William Hill Australia. Fairfax alledges that Mr McGrath racked up the debt through bets on horse racing.
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On Tuesday, McG…
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