Mercedes-loving biotech boss goes bankrupt, leaves country

afr.com:

A biotechnology chief executive who earned more than $10 million from now collapsed life-science companies has declared himself bankrupt and left Australia.

iQ Group Global founder George Syrmalis owes more than $5.4 million – $4.3 million to the Australian Taxation Office and almost $665,000 on credit cards – according to his own bankruptcy declarations obtained by AFR Weekend.

George Syrmalis, founder of iQ Group Global, has filed for bankruptcy. 

But the bankruptcy trustees overseeing his estate have also filed complaints with the federal personal insolvency register alleging that Dr Syrmalis, a yachting aficionado with a penchant for luxury cars, has “left Australia and has not returned to Australia”.

He had also failed to respond in writing to their questions about his property or income, the trustees, Daniel Cvitanovic and Stephen Hundy of Worrells, said. They have cited those reasons to oppose a discharge from bankruptcy, which can extend the bankruptcy period to eight years. Bankrupts are usually automatically discharged after three years.

“We understand that [Dr Syrmalis] left the country shortly before our appointment as trustees,” Mr Hundy said, adding that Worrells could not confirm where he was living. A person would not be discharged from bankruptcy until they returned to Australia, he said.

iQ Group Global and its entities, which conducted millions of dollars in deals with each other and was working on cancer treatments and a saliva-based diabetes testing device, collapsed in March last year. The group was unorthodox, sponsoring Bathurst race cars, purchasing a $1.2 million yacht, suing an analyst who criticised its companies, and offering investors spectacular fixed returns in one offering.

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