Tax scam proceeds used to back luxury club, car dealer, cannabis firm
Millions of dollars from an alleged $70 million tax fraud scheme were apparently invested in luxury club chain Cafe del Mar, a car dealership for the rich and famous, a private equity fund and a Sydney cannabis manufacturer, according to liquidator investigations.
Insolvency Options liquidator Darren Vardy is pursuing more than $7 million in “tainted” loans or investments from the alleged tax fraud scheme involving some 40 corporate entities and run by former insolvency adviser Sam Henderson, who was found dead in a Sydney hotel room last year.
Former insolvency practitioner Sam Henderson was found dead in a North Sydney hotel room in April last year.
The investments are in addition to more than $20 million worth of property purchases made with the funds from the alleged scheme.
Mr Henderson allegedly ran a series of labour hire and payroll firms for his chief client, Titan Cranes, and siphoned off money owed as pay as you go tax for at least seven years.
Titan Cranes, owned and run by Sydney Olympic Football Club president, Damon Hanlin, is also under investigation over the alleged scheme but has denied any involvement, sheeting any blame to Mr Henderson.
n a Federal Court affidavit, Mr Vardy said Henderson-controlled entity Fifteen Investments had more than $7.3 million in assets that it transferred to related entity MCFE for far less than they were worth before liquidation.
“Any assets of the Fifteen Investment Trust, including those which were purportedly transferred or sold to MCFE in or around 2021 … are tainted assets purchased using fruits of the tax avoidance scheme involving Titan Cranes,” he alleged.
Assets allegedly purchased by Henderson-controlled entities included a $520,000 “loan” to Cafe del Mar, which Mr Vardy said appeared to be an investment in the “international chain of luxury beach/pool clubs”.
Fifteen Investments recorded transactions for Cafe del Mar from 2012 to 2023 and an investor presentation for Cafe Del Mar was dated 2020.
Cafe del Mar Australasia is headed by chief executive John Zappia, who did not respond to requests for comment before publication.
Mr Zappia’s Cafe del Mar restaurant in Sydney’s Darling Harbour was previously a client of companies used in the $105 million Plutus Payroll tax fraud scheme that ran from 2014 to 2017.
Mr Vardy’s investigations found Fifteen had “loaned” $1.2 million to luxury car dealership Galleria SUV, which specialises in selling rare Rolls Royces, Lamborghinis and Ferraris to well-known Sydney identities.
At the time, owner Simon Wakim had run into financial troubles and had not been able to repay a $2 million loan from wealthy Chinese investors.
In late 2020, the investors alleged that 30 people purportedly involved in the Comanchero Outlaw Motorcycle Gang prevented them from removing vehicles as repayment, according to a NSW Civil and Administrative Tribunal decision suspending Galleria’s trading licence.
The alleged links between Mr Wakim and the bikie gang were never proven in court and 16 criminal charges against him, including alleged intimidation, were either withdrawn by police or dismissed by a magistrate.
Mr Wakim could not be reached for comment.
Medicinal cannabis producer and supplier Aruma Labs also received about $1 million in investments from Fifteen, according to Mr Vardy’s affidavit.
Mr Vardy identified Shalton Investments as the current holder of $715,000 worth of shares in Aruma, making it one of the Aruma’s biggest investors.
An email from Mr Henderson to Aruma CEO Louis Williams in 2022 advised him the Shalton shares would “end up” within MCFE.
Shalton’s sole director and shareholder was Oliver Trajcevski, the chief investment officer for one of the country’s fastest-growing venture capital funds Lakeba and the founder of credit fund manager Dinimus Capital.
Mr Trajcevski did not return requests for comment.
Mr Trajcevski and his Dinimus co-founder Nicolas Politopoulos were also directors of alleged Henderson-related entity Australia Lending and Finance at various times between 2015 and 2019. Mr Vardy has since gained controlled of ALF, which is in liquidation.
Fifteen also made investments in middle-market investment firm Aura Group, of which Mr Vardy said up to $1.5 million were likely to be realisable.
Other investments include an indigenous labour hire firm, a pool heater manufacturer, a luxury caravan dealer in Queensland and an exotic aquariums business in Sydney.
David Marin-Guzman writes about industrial relations, workplace, policy and leadership from Sydney. Connect with David on Twitter. Email David at david.marin-guzman@afr.com