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Peter Drake gave himself a $26 million loan before his mortgage fund empire, LM Investments, collapsed in March, according to Fairfax reports.
It appears that Drake now owes LM ‘at least’ $46m, when the above figure is added to another $16m loan the New Zealand-born businessman awarded to a Hong Kong company he controlled.
The $26,473,875 loan to Drake has come to light in a report on the affairs of LM Administration (LMA) by the administrators to Drake's stable of companies, FTI Consulting.
This was the largest loan among the $30.2 million identified by the administrators as payments to related parties of Drake and to Drake himself. It is not specified by the administrators when the loans were made and the FTI administration report says legal proceedings have commenced to recover the money.
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