Elderslie Finance close to being sold to US company

The failed Elderslie Finance is close to a sale to a US finance institution. But the sale will not mean joy for investors, who are expected to receive less than 40c on the dollar from their investment.

The failed Elderslie Finance is close to a sale to a US finance institution. But the sale will not mean joy for investors, who are expected to receive less than 40c on the dollar from their investment. The $200 million finance company, which is in administration, is expected to be sold with a week, sources told SmartCompany.

Elderslie continues to make the headlines today with a report in The Australian saying that Peter George, who bought Elderslie in 1994, has a checkered history, previously being a director of a separate investment company EC Consolidated Capital that collapsed in 1997 with about $33 million of missing superannuation funds.

Other directors in EC Consoldidated include a man jailed for fraud and a black market arms trader who has disappeared, presumed murdered.

Elderslie’s trustee Perpetual Trustee Company is currently suing George and fellow Elderslie director Andrew Vaughan for allegedly misappropriating trust monies, a charge they deny.

Related stories:

• Elderslie collapse will hit mum and dad investors
• John Hewson’s Elderslie Finance in receivership