Crown Resorts director Andrew Demetriou was questioned in court today over the $145 million collapse of education group Acquire Learning.
The former AFL boss appeared before the Commercial Court of the Supreme Court of Victoria. He told the court that “decisions about the financials were left to the directors”. The court heard that though he was paid $75,100 per month as an executive chairman of an advisory board, he was never a director.
The court heard that Mr Demetriou had asked the company to approve a $150,000 bonus payment for “professional services” about a week before Acquire Clayton Utz law form sent a letter suggesting that the company was on the edge of trading while insolvent. The day the letter was received on 22 June, 2016, was the day that Mr Demetriou’s private company received payment.
Mr Demetriou could not remember what the bonus was for. “I can’t recall,” he said.
The legal letter concerning the risk of insolvency should have been circulated by directors according to a recommendation by Acquire Learning’s counsel, however Mr Demetriou said he was not aware of the advice.
On September 2016, a letter was attached to an email that Mr Demetriou said he did not open the letter and said that ultimately the decisions about financials were left to the directors.
Acquire Learning employed 600 people when it was at the height of its success.
The case continues on Thursday.