Vic: Elliott company took supplies as it went into debt, court
The Victorian Supreme Court has heard a failing company, under the directorship ofJOHN ELLIOTT and two others, took more than $1.6 million in unauthorised grain suppliesas it headed deeper into debt.
The court heard the New South Wales Grains Board, which supplied wheat to Water WheelMills, found nothing left in its silos during a December 9, 1999, stocktake.
The mill was a subsidiary of Water Wheel Holdings whose three directors, includingJOHN ELLIOTT, are being sued by the Australian securities watchdog for trading while insolvent.
The company collapsed in February 2000 after posting a $6.7 million loss.
The hearing before Justice PHILIP MANDIE resumes tomorrow.
AAP RTV nl/jlw/wz
KEYWORD: ELLIOTT (MELBOURNE)
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