CITY BEAT

The Courier-Mail - - BUSINESS -

an­thony.marx@news.com.au @An­tho­nyMarxCM bit of con­sult­ing for in­fra­struc­ture projects around Aus­tralia and over­seas.

Last year, he took on the chair­man’s role with Mercy Ships Aus­tralia, a global char­ity that dis­patches hos­pi­tal ships to de­vel­op­ing na­tions.

DAMIAN’S DIS­AS­TER

UN­DER the best-case sce­nario, cred­i­tors of failed Brisbane hos­pi­tal­ity iden­tity

will claw back just 5¢ in the dol­lar.

That grim assess­ment emerged

Damian Grif­fiths

this week in the first de­tailed re­port pro­duced by his bank­ruptcy trustee, Wor­rells op­er­a­tive who Grif­fiths ap­pointed last month as his bank ac­counts dwin­dled to less than $2000.

The Dough­nut Time en­tre­pre­neur es­ti­mated his debts at $3.86 mil­lion, in­clud­ing a $1 mil­lion penalty from the tax man.

But Kha­tri’s re­port shows the debts will most likely end up be­tween $5.12 mil­lion and $6.88 mil­lion – and could go even higher as a re­sult of the number of per­sonal guar­an­tees pro­vided by

Grif­fiths,

Raj Kha­tri,

who has gone to ground in his home­town of Dalby.

Kha­tri’s best op­por­tu­nity to re­cover money lies in Paris, where Grif­fiths owns two heav­ily-mort­gaged apart­ments to­gether worth about $1.4 mil­lion.

The re­ports re­veals that Kha­tri might be able to re­cover $508,000 (mi­nus le­gal and sell­ing costs) from the sale of the prop­er­ties.

But that de­pends on whether he can void a $1 mil­lion third mortgage reg­is­tered over both prop­er­ties by Grif­fiths’ fa­ther in Jan­uary, just eight weeks be­fore Kha­tri’s ap­point­ment.

“I will likely re­quire le­gal ad­vice in re­spect of the va­lid­ity of the mortgage,’’ the re­port says.

“I queried Mr Grif­fiths on the na­ture, tim­ing and de­tails of the loaned monies….Mr Grif­fiths in­di­cated that the funds ad­vanced to him were over a pe­riod be­tween April 2003 and May 2017 and were utilised for a com­bi­na­tion of liv­ing and busi­ness­re­lated ex­penses.’’

Grif­fiths, whose em­pire in­cluded Les Bub­bles bistro, Limes Ho­tel, Al­fred & Con­stance bar and Chester Street Bak­ery, did not re­spond to a re­quest for com­ment yes­ter­day.

Mean­while, NABap­pointed re­ceivers and their CBRE agents will start sift­ing through offers for the Limes Ho­tel and Al­fred & Con­stance bar once an ex­pres­sions of in­ter­est cam­paign closes to­day.

CLAR­I­FI­CA­TION

AN item in yes­ter­day’s col­umn said had been banned from acting as a so­lic­i­tor for five years af­ter los­ing an ap­peal. In fact, he was struck off in­def­i­nitely.

Harold Shand

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