First Guardian Fund collapse: Lamborghini, beer company among just $1.6m in recovered funds for victims

A Lamborghini and craft beer company have been sold by administrators seeking to recover $450 million in lost funds for victims of the First Guardian superannuation fraud.

According to an update on Wednesday, an investigative team have recovered just $1.6 million in lost funds over an eight-month investigation into the superannuation investment scandal.

On Wednesday, investigators at FTI Consulting said they had recovered and sold a 2023 Lamborghini Uru for $337,000 sold and gained $450,000 from the sale of bankrupt beer business Fox Friday Brewing Co.

A spokesperson for FTI Consulting warned that the investigation has determined many of First Guardian’s investments are now of little to no value, or have been shuffled offshore in a complex web of payments and holding companies.

“While substantial analysis has been completed to determine the recipient’s of the Fund’s monies, significant further investigations are required in order to trace monies to their ultimate beneficiary or recipient,” said the report.

The liquidators also hosed down hopes more funds may be recovered over an investigation that’s expected to last another 18 months before any monies can be returned to investors.

It warned the dire outlook is based on the fact that what else may be recovered is often overseas, or may require litigation to recover as it may be subject to various counter claims in court.

Of the $450 million invested into First Guardian, $166.2 million was sent to parties related to the managers of the scheme, with no formal or documented agreements for services provided the report said.

Another $94.2 million has been identified as sent to parties related to the directors of First Guardian, although close to zero has been recovered.

ASIC has been contacted for comment.

More to come...