Secret ledgers reveal money flowing out of Bill Express
The former CEO of Bill Express, Ian Christiansen, told the supreme court of Victoria yesterday that he would try to produce evidence to support his claim that Bill Express didn't repay a personal loan taken out to buy shares in Bill Express' parent company. The share deal delivered effective control of the Bill Express group to Ian and Hal Christiansen.Peter Bick, counsel for the liquidator, said a 'secret ledger' showed a four million dollar payment was made on 29 December 2005 from Bill Express' bank sub-account to a private company owned by Christiansen and his brother. The payment was booked as a loan.The money was used to repay a Seiza Capital loan that was used to buy share options, asserted Bick."I don't know that to be right or wrong but I don't believe the funds came from Bill Express," said Christiansen."Why is money going to your company from Bill Express, Mr Christiansen?" asked Bick."I couldn't answer that," replied Christiansen."You are the CEO of the lender and one of two brothers who control the recipient of the funds and you don't know anything. Is that your evidence?""Absolutely, I don't accept Bill Express lent money to anyone."Bick asked Christiansen to bring to court any documents or other evidence he might have to support his denials about the Seiza Capital facility.Christiansen said he doubted he would be able to produce any documents.