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The man responsible for a multimillion-dollar collapse has had his assets frozen and his reputation slammed on the Seven Network.
Four entities from the Charterhill Group fell into insolvency in January. They included Lending Solutions International, a business that offered mortgage broking services and was liquidated with unsecured debts of $9.6 million.
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Charterhill’s sole director, George Nowak, told clients in a letter that the reason for the collapse of his Adelaide-based financial services group was its diversification strategy.
The Adelaide edition of Today Tonight ran a critical feature on Tuesday about Mr Nowak.
However, Mr Nowak told the program he had enjoyed a “gilt-edged” reputation before the collapse and had always acted ethically. He also said creditors would get some of their money back.
Mr Nowak also revealed that he had served on a committee advising Prime Minister Tony Abbott on superannuation and retirement.
Mr Nowak received more bad news on Wednesday when the Federal Court ordered him and his wife, Betty, to surrender their passports, ASIC said yesterday.
ASIC also said the court had frozen all assets owned or held by Charterhill and Mr and Mrs Nowak following an application by ASIC.
“ASIC's application was brought under section 1323 of the Corporations Act 2001 and followed steps taken by ASIC last week to secure Mr Nowak's passport by agreement and to obtain an undertaking from him that he would not dispose of or otherwise deal with any assets,” the regulator stated.
Mr Nowak could not be reached for comment by press deadline.
