THE owner and former executive chairman of the failed property investment and development group, Fincorp, took more than $10 million in salary, fees, dividends and interest-free loans from the company even as it teetered on collapse.
Eric Krecichwost paid himself a salary of $1 million in 2005, his last year as an employee of the Fincorp Group, but also charged the company another $2.2 million for management services that were provided by other companies controlled by him.
At the same time, Mr Krecichwost and another of his companies were given just over $6.7 million in interest-free loans, of which $4.7 million went to “related parties” of the ex-chairman, thought to be him personally.
According to information contained in Fincorp’s 2005 annual accounts, the most recent available, the crippled group also paid a dividend of $1.2 million.