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Old 24 Oct 2009, 16:56 (Ref:2568769)   #145
rychard
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Join Date: Feb 2008
Posts: 95
rychard has a lot of promise if they can keep it on the circuit!
Here goes ...........Forensic accountants trawling through the company's many offshoots in several countries – including the tax havens of the Virgin and Canary islands – predict A1GP's debt to soar beyond the $25 million currently assessed.

In a preliminary report in A1GP last month – at a time when the State Government and Gold Coast organisers were still confidently predicting their race would go ahead – Tim Bramston from London insolvency specialists Griffins found A1 Grand Prix Operations Ltd lost money in each of the past four years for a total of more $100 million.

Pledges from A1GP boss Tony Teixeira to pay off external creditors had so far amounted to empty promises, Mr Bramston wrote.

He added he seriously doubted that the funds existed to pay off any of A1GP's debts.

The Australian arm of A1GP is not named in the report and details of its finances and its dealings with the State Government are not available.

Mr Teixeira's A1GP group went into receivership in July and its cars were locked up by a freight company last month.

The Sunday Mail has seen two sets of legal advice provided to the Government, warning that the Gold Coast contract could not been terminated any sooner than last weekend when Mr Teixeira finally admitted the cars would not be in Australia.
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