News: Publishers lost over £6m following Red Ant collapse
A year on from the collapse of distributor Red Ant, legal documents have revealed that game companies have lost almost AUS $10 million (£6m / $9.1m) to the Australian company, with former staff still AUS $250,000 out of pocket.
It has also been revealed that before the company went into administration, Red Ant loaned more than AUS $2 million (£1.2m / $1.8m) to companies and trust funds including Mad4 Australia, Green Monkey and White Commerce Trust all owned by Red Ant managing director Julian White, who also received a AUS 700,000 loan from Red Ant.
In a report published on Industry.biz today, White said that all loans to companies that he was a director of were for business purposes only, and the companies were now in debt to the bank. White’s explanation that the personal AUS $700,000 loan was repaid “by dividends” does not tally with the sum registering as outstanding on legal documents.
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