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The corporate watchdog has slammed a ‘staggering’ request to let Melissa Caddick’s husband and young son to spend $4,880-a-week on living expenses.
It comes as it’s revealed that a flood of new investors have come forward since the wealthy businesswoman disappeared, claiming that she rorted them.
The Federal Court on Tuesday heard that these investors claim Ms Caddick’s company owes them $13million.
The mother-of-one, 49, vanished from her $6.1 million Dover Heights home on November 12, just two days after authorities raided her home.
Court documents have since revealed how Ms Caddick allegedly shifted $20million into her bank accounts from investors, and then splurged on luxury brands such as Dior, Chanel and Canturi.
But it was the living expenses that her closest family members are still entitled to access that was the subject of a war of words at court on Tuesday.
Melissa Caddick hasn’t been seen since disappearing from her Dover Heights home more than a month ago. Above, in a 2015 photograph with her husband Anthony Koletti
Ms Caddick is the focus of a missing person’s investigation. A number of investors believe she may have run off
A previous court order let Ms Caddick and her two dependents spend up to $800-a-week of their assets to cover their ordinary living expenses.
But Ms Caddick’s brother Adam Grimley – who is acting in her stead – has since requested a much bigger number, the court heard.
ASIC’s barrister Stephanie Fendekian said that the regulator had at one point been told that the family’s living expenses were ‘staggering’ at $4,880 a week.
That number came ‘without any explanation or evidence’, Ms Fendekian told Justice Brigitte Markovic.
Mr Grimley’s representatives have since proposed a smaller figure, Ms Fendekian said, although she didn’t disclose what that number was.
Ms Fendekian told the court the family had wanted $2,000 a month for income protection insurance premiums ‘without evidence whatsoever … to explain or justify that rather large figure,’ she said.
A further $600 was sought for ‘transport’ Ms Fendekian said, adding: ‘Mr Koletti does not work at the moment.
‘So it’s difficult to understand why such a figure needs to be attributed to transport and the defendant has done nothing to explain that to ASIC.’
But barrister David Sulan for Mr Grimley told the court that the $4,800 figure that ASIC was bandying around was ‘without context’.
At the time, it had included mortgage expenses for the Edgecliff penthouse where Ms Caddick’s parents lived, he said, rather than living expenses.
He disputed Ms Fendekian’s claim there was ‘no evidence’ supporting Mr Grimley’s figures.
Mr Sulan said it had been a ‘very difficult exercise’ for Mr Grimley to work out the living expenses of Ms Caddick’s husband and school-aged child.
Mr Grimley, who Ms Caddick granted enduring power of attorney, had only been given ‘very limited access to a smartphone’ to do so, Mr Sulan told the court.
Ms Caddick also splurged $63,000 on holidays to Fiji, $37,000 on a trip to New York as well as $120,000 on several skiing trips to Aspen. Pictured with her husband Anthony
Justice Markovic said it seemed Mr Grimley ‘has done the best he can in the circumstances he had’.
Justice Markovic ruled that she was taking the ‘drastic’ step of appointing receivers over Ms Caddick’s assets – an act that wasn’t opposed by Mr Grimley.
She also appointed provisional liquidators to Ms Caddick wealth management company, Maliver Pty Ltd.
The parties will negotiate over an appropriate figure.
Ms Caddick was Maliver’s sole shareholder and director and ASIC has signalled investigators will seek for the case to conclude with the business being wound up.
Ms Caddick is accused of misusing tens of millions from investors in her company, who as Daily Mail Australia previously reported, included a syndicate of Perth doctors.
Ms Caddick – above – is seen wearing her pride and joy, a $250,000 necklace featuring an 83 carat black sapphire, which was designed by Stefano Canturi
Court documents have broken down her extravagant expenditure in great detail
Court documents have revealed how more than $20 million of investors funds were deposited into her accounts between January 2018 and September 18, 2020.
ASIC opened its investigation into Ms Caddick in September.
In court documents, an investigator lays out how Ms Caddick spent an astronomical amount on luxury clothes, overseas travel and even protein shakes.
On her American Express card alone, Ms Caddick allegedly spent $229,277 at Dior, $187,000 at Canturi Jewellers, $48,000 at Chanel and $52,548 at Cosmopolitan shoes.
The documents also reveal how Ms Caddick also splurged on holidays to Fiji, New York and Aspen.
Victims of Ms Caddick’s alleged fraudulent activity believe she faked her disappearance as authorities closed in on her.
NSW Police are examining several lines of inquiry.
