Sargon companies in administration

Ernst & Young was this afternoon appointed as administrator for at least three Sargon-related companies, after the main holding company went into external administration last Wednesday.

Sargon Superannuation Holdings, Sargon Services Pty Ltd and Sargon CT Holdings Pty Ltd are the three companies where Ernst & Young have been appointed the administrator.

The appointment was made by the directors of the respective companies.

Stewart Alexander McCallum and Adams Pauls Nitkins will jointly administer all three companies, regulatory documents show.

"Stewart McCallum and Adam Nikitins of EY were appointed Joint and Several Voluntary Administrations over selected subsidiary holding companies within the Sargon Group structure to preserve value of the regulated entities within the group on 3 February 2020. There will be no further comment at this time," a spokesperson for Ernst & Young said.

Last week, Philip Kingston's Sargon was forced into external administration by one if its Chinese creditors.

In a statement to Financial Standard, Sargon said one of its creditors, Chinese state-owned insurance company Taiping Trustees has appointed McGrathNicol as administrator.

The group also confirmed its chair, Robert Rankin, resigned on January 23. Rankin's resignation was intended before and not related to McGrath Nicol's appointment, Sargon said.

None of Sargon's subsidiaries are in administration, it added at the time.

The developments at Sargon sent OneVue Holdings into a trading halt on Friday, as it awaits deferred payments from Sargon for the sale of the Diversa Trustees business.

Today, the ASX-listed business's board and executives said the Sargon saga hasn't impacted its day-to-day business but it is taking all necessary steps to recover the money owed to it by Sargon.

Read more: Ernst & YoungAdam NikitinsStewart Alexander McCallum
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