The head of troubled Kingdom Developments asked his father to tap into his super to get funds to pay back a few investors - even though dad lost money through the company too.
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The $100,000 that director Andrew Bodnar got from his dad's super was paid to "six or seven" investors. That amount is a tiny fraction of the millions upon millions investors have lost in Kingdom deals.
"My parents had about $100,000 in super left, because they also lost a lot from investing with me as well," Mr Bodnar said.
Read more: Kingdom boss had served ASIC suspension
"I asked my dad if he could make a claim on his super so I could start paying those urgent ones back.
"My parents are some of my biggest supporters, of course. Most parents want to see their sons do well and obviously they're hurt by what I've gone through and they want to help me recover."
Mr Bodnar said the investors who were repaid some money were chosen on the basis of need.
"I met with and spoke with a lot of the investors over the last six to eight weeks to understand their own personal circumstances," he said.
"I asked them to provide me with evidence if any of them have any hardship or any reason why the amount they invested is critical to their current lifestyle, because everyone has different reasons why they need money back.
"I want to pay everyone back but I can't pay everyone back in one go because it's a big amount and it takes time to recover. I do want to recover and pay everyone back but I also need to prioritise with people who might need it first."
One of those investors put in $27,000 for a property in Perth; she has received $17,000 back and a promise that the remaining $10,000 will be coming soon.
She described that $27,000 as a "tiny - a drop in the bucket" compared to the six-figure amounts others invested.
"When you're in debt I've heard financial advisors say 'take away the smaller debts then work on the next ones and go up that way'," the investor said.
"That's what he's doing. I'm happy because I've got money sitting in my mortgage account. [Before then] I was angry. I was very angry.
"He still owes me $10 grand. Hopeful is the word I feel; hopeful for myself. I've got my own hope back and my faith has been restored.
"I'm not sympathetic, I'm hopeful. I'm hopeful for everyone."
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Glen Humphries
I'm an award-winning senior journalist with the Illawarra Mercury and have well over two decades' worth of experience in newspapers. I cover the three local councils in the Illawarra for the Mercury, state and federal politics, as well as writing for the TV guide. If I'm not writing, I'm reading.
I'm an award-winning senior journalist with the Illawarra Mercury and have well over two decades' worth of experience in newspapers. I cover the three local councils in the Illawarra for the Mercury, state and federal politics, as well as writing for the TV guide. If I'm not writing, I'm reading.
