Albury’s well-known businessman Allan Endresz has been in a legal battle against the federal government for quite some time. After submitting a colossal damages claim against the ACT Supreme Court and dealing with frozen assets from 1999, Endresz has resorted to drastic measures.
The battle began when one of Endresz’s accountants David Muir – a government consultant, transferred $6 million from a gold mining company, formerly known as Hallmark Gold (now TNG) to another company known as CTC Resources NL, whom Endresz’s parent’s owned.
Later Muir transferred another $2.275 million to Davis Samuel who was in business with Endresz. Muir was later tried and convicted for the embezzlement of $8.275 million. Endresz explains that he had accepted the money from Muir in good faith, as he had no part in the embezzlement and was not aware that the money was not a bona fide investment from the government.
He agrees that the funds should be returned to the government but argues that his affairs were victim to the embezzlement as well.
After nearly two decades of dealing with the government and this lawsuit, Endresz has been pushed to take drastic measures through this legal battle. He hopes to recover AU$60 million through the current court action taking place. This would cover the original grants, as well as interest.
Endresz knows there are things he could’ve done differently to avoid these issues. In hopes that others can avoid finding themselves in his situation, he addressed what he could have done differently. He says that he “could have engaged more with his advisors/consultants, ensured a higher level of asset protection, cultivated a more strategic business plan and put business processes in place from day one”.
While we wait to hear the outcome of the legal action, all we can do is learn from Endresz’s experience and be more aware of possible government negligence that could take place.