Westpac also owed money by Sargon

China's Taiping Trustees is not the only group owed money by Sargon and its related companies. There is also a roughly $35 million debt facility from Westpac bank, Financial Standard understands.

The Westpac loan is in addition to previously reported borrowings from Taiping Trustees, which last week appointed receivers and managers for the holding company Sargon Capital Pty Ltd.

Westpac declined to comment, citing confidentiality.

It also declined to comment on how many Sargon-related companies the bank is secured against as a lender.

Regulatory filings show that Westpac is secured against Sargon CT Holdings Pty Ltd. This is one of the companies to which EY was appointed as the voluntary administrator on Monday afternoon.

What triggered Sargon Capital's receivership?

It is understood that last week's receivership of the holding company was triggered after Sargon and related entities defaulted on interest payments of more than $3 million that were due to Taiping Trustees.

The Sargon companies first missed their interest payment in the September quarter but paid them back partially later, according to a source.

The entities later missed the December quarter's interest payments.

The maturity of the loan is understood to be not until next year.

A Sargon spokesperson said the company won't be providing comment on the Taiping Trustees default or the Westpac facility's details.

Read more: WestpacTaiping TrusteesEYChinaFinancial StandardMondaySargon Capital Pty Ltd.Sargon CT Holdings Pty Ltd.
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