Failed oil company owes pop star $1m
A COMPANY run by a Malaysian transgender pop star and Gold Coast businessmen is owed almost $1 million by a failed coconut oil venture.
A list of creditors from Nature Pacific shows the West Burleigh firm owes Natural Health and Education $977,070.
Natural Health and Education is directed by Jeffrey Chung Shuen Thai – the previous name of Malaysian transgender pop star Jessie Chung – and Gold Coast businessmen Gary Scallan and Gregory Jackson.
Nature Pacific went into voluntary administration on July 2.
The business was started in 2004 by Ken Sigrah and Stacey King. Last August, Mr Scallan’s company Future Asset Management International bought 85 per cent of the business for $850,000. Ms King and Mr Sigrah retained 15 per cent.
Future Asset’s shares were then split into two other companies, allowing Natural Health and Education Pty Ltd to own 60 per cent of Nature Pacific, and The Medical Supplies Group 25 per cent of Nature Pacific.
Mr Scallan said Nature Pacific was in deep financial distress when he bought into the company after a cyclone wiped out its supply of coconut oil at Banaban in 2016.
“We invested … on the basis that Natural Health and Education Entity represents a much bigger business called Natural Health Farms, which has 90-plus outlets throughout Asia,” he said.
Ms Chung was involved solely with the Asian arm of the business, Mr Scallan said.
“We believed that by investing capital and potentially using bigger distribution markets we would be able to support the business and help it save itself.
“The main product is coconut oil (and) what started off to be quite unique to Banaban as we understood it, has become very normal now and supplied by everybody and anyone.
“We feel the only option was to close, which was rather sad.”
Ms King said since the business had closed she had become aware of a 2004 court case involving a company of Mr Scallan’s.
Greek heiress Christina Orphanides filed a complaint against Broadlands Finance International, a company run by Mr Scallan and his late brother, Roy.
Ms Orphanides accused Broadlands Finance International of investing an estimated $2 million of her money in Australian companies in September-October 2002 through five different transactions. The case was settled out of court.
Gary Scallan yesterday said the case was a “matter of the heart” between Ms Orphanides and his brother.
“(The matter in 2004) unfortunately had nothing to do with finance,” Mr Scallan said yesterday. “It wasn’t to do with money at all.”
In an unrelated incident, Roy Scallan was found dead in February 2007.
He was found with stab wounds in his chest and his genitals cut off.
A 26-year-old man arrested for his murder committed suicide in a police cell.
WHAT STARTED OFF TO BE QUITE UNIQUE … HAS BECOME VERY NORMAL NOW AND SUPPLIED BY EVERYBODY AND ANYONE