Homebuilder Privium tried to avoid going bankrupt with a $3 million cryptocurrency bet

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The homebuilder tried to avoid bankruptcy by betting $3 million on cryptocurrency and donating to a Christian charity before it went under

  • Privium poured $3 million into Gold Coast cryptocurrency while insolvent
  • A construction conglomerate went into liquidation in December
  • Admins Found Huge Crypto Payout to Qoin After Bankruptcy
  • He also found a $500,000 payment to a Christian charity run by Privium’s founder’s wife.

A construction company donated $3 million in a Gold Coast cryptocurrency and more than half a million to a Christian charity in a last ditch effort before it went bankrupt.

Privium Group, a business conglomerate best known for home building, went into liquidation in December, with a report made on their finances revealing they had likely traded while insolvent.

Hundreds of properties remained unfinished due to Privium’s bankruptcy, with founder and CEO Rob Harder saying he was “deeply sorry”.

“I understand that this is not the news you wanted to hear and it will create real hardship,” Mr. Harder said in an email to customers last year.

A construction company paid $3 million in a Gold Coast cryptocurrency and more than half a million to a Christian charity in a last ditch effort before it sank

“My priority is to ensure that all the houses under construction are completed and to alleviate as much anxiety and complications as possible.”

Privium, which is based in Brisbane and includes property developer Impact Homes, has built homes in Queensland, New South Wales and Victoria.

The pandemic has hurt the group’s business, with construction sites closed across the country, but particularly in Victoria due to the state’s long lockdown in 2020.

Administrators, however, believe it was a series of investments that were responsible for its downfall rather than Covid, citing the $3 million crypto punt.

He turned the money into Bartercard dollars which were then converted into Qoin coins, a currency based on the Gold Coast.

“Based on our investigations into the nature of Qoin, it is evident that it is a highly illiquid asset whose sale is limited to a few hundred dollars per day,” the report said.

“Therefore, unleashing this asset is extremely difficult, if not impossible.”

The administrators believe it was a “possible breach” of administrators’ duties.

Administrators believe, however, that it was a series of investments that were responsible for its downfall rather than Covid, citing the $3 million crypto punt in Gold Coast-based Qoin coin

Administrators believe, however, that it was a series of investments that were responsible for its downfall rather than Covid, citing the $3 million crypto punt in Gold Coast-based Qoin coin

They also noted a $530,000 donation to the Christian charity Love Your World, which counts Rachel, the wife of Privium founder Mr. Harder, among its trustees.

The sum was paid out in four installments in 2021, while a special dividend of $50,000 was also paid to Love Your World in 2019.

These payments could also constitute a violation of the directors’ duties.

The Courier Mail reported that the Harders are also members of Hillsong Church.

Administrators also uncovered three payments from a group called “Open Gold” to Privium totaling $20 million in June 2020.

Hundreds of homes across the country were left unfinished due to corporate bankruptcy, while administrators poured money into crypto and Christian charities

Hundreds of homes across the country were left unfinished due to corporate bankruptcy, while administrators poured money into crypto and Christian charities

An identical amount was also transferred to an organization called “The Promise” from “Open Gold” on the same day.

Mr Harder said it was to raise capital in a “digital unitary trust”, but trustees say his “explanation was inadequate”.

The report strongly recommended that Privium continue to be investigated, but said it was unlikely to have any money left to repay creditors.

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