Chartwell bosses turn on each other in talks

The bosses of collapsed Geelong investment company Chartwell Enterprises have turned on each other in media interviews.
Both Graeme Hoy and Ian Rae emerged from hiding to point the finger at each other in national television and newspaper stories about their involvement in the $70 million collapse of their company last week.
Mr Hoy spoke out on Channel Nine news about death threats and his reluctance to face investors in Geelong.
The failed businessman said he could not guarantee his investors would get any money back.
“The investigation will disclose everything about the money,” he told Channel Nine.
“Can I say, absolutely, because I know I won’t be contradicted by the discoveries, that no money went offshore.”
Mr Hoy said he had no plans of returning to Geelong because of death threats.
“Not at the moment,” he said.
“I have had threats of physical violence and worse and I’ve had to take protective measures.”
Mr Hoy said he had not been in contact with business partner Ian Rau and did not know where he was.
The Australian reported that Mr Rau had come out of hiding to speak to the newspaper.
Mr Rau used the interview to blame Mr Hoy for the Chartwell collapse.
He told the Australian that Mr Hoy was responsible for “the real spending” in the lead up to the collapse.
Mr Rau claimed that Mr Hoy had encouraged him to use company money for personal expenses such as house renovations, his wife’s salary and a babysitter’s expenses.
The Independent reported last week that voluntary administrators Bruno Secatore and Daniel Juratowitch, of Cor Cordis Charted Accountants, were investigating the collapse of Chartwell Enterprises.
Seventy to 100 investors reportedly put money in Chartwell on promises of returns up to 70 per cent.
Individual investors have lost millions of dollars in the biggest financial collapse since the $2 billion Pyramid Building Society disaster in 1990.