You too? - Australia - Bus tycoons to be tried for fraud
Sydney,New South Wales,Australia -Sydney Morning Herald (subscription), by Ben Hills -Oct 11, 2005: -- The King twins, Tony and Peter, will stand trial for their role in wrecking the largest bus company in rural NSW... The fallen tycoons - once bywords in the seaside town of Port Macquarie for their champagne parties, yachts, luxury apartments and diamond jewellery - stood in a courtroom yesterday as they were committed to the District Court on fraud charges... the magistrate, Elizabeth Corbett, committed the two men on a charge of having defrauded the National Australia Bank of $44 million... She said the evidence supported allegations that buses which they used as security against the loan did not exist... The 70-year-old company, which had 450 employees and claimed to have a fleet of more than 300 buses operating routes from Newcastle to the Queensland border, collapsed in April 2003 owing $220 million... The committal hearing was told that only one of the 144 Mercedes buses they nominated in a $44 million sale-and-leaseback deal with the bank had been imported...
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