Directors
Elias
Sage
and Jason Brewer from Okap fame CCC, KAB, BMZ
On Wednesday, AFP officers returned to the offices of several of Mr Sage's business interests, including Kupang Resources which lists Mr Sage as executive director, former NRL legend Ben Elias as non-executive chairman and Perth Glory CEO Jason Brewer as a non-executive director.
The corporate ref has finally blown the whistle on the Indonesian explorer run by rugby league legend Benny Elias and Perth Glory owner Tony Sage: Kupang Resources.
A small army of administrators and receivers has been appointed this week after its marathon tussle with spurned litigation funder Paul Lindholm – and the tax man – finally came to an end.
It would have been as gutting as any grand final loss for the code-crossed buddies in what has been a very drawn out encounter.
It all began back in 2012.
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The High Court awarded Lindholm's International Litigation Partners (ILP) a $10 million pay day against Kupang – then known as Chameleon Mining – after the Elias-controlled company dispensed with Lindholm's litigation funding services and got into bed with Sage.
The settlement included $5 million up front and another $5.5 million payable in monthly instalments, plus interest.
All was going well until February 2013, when the Tax Office came knocking on Kupang's door with a $7.2 million bill from Lindholm's ILP.
Kupang was ordered to redirect its ILP payments to the ATO.
In August last year, Lindholm's ILP appointed receivers to Kupang, citing the payment switch to the Tax Office as a breach of the settlement.
Sage told the ASX the request was invalid "in that it required Kupang to act contrary to the notices issued by the Australian Tax Office".
Kupang obtained a stay of execution while the lawyers battled it out in the courts.
Kupang finally threw in the towel this week, after the most recent court decision found it was in default because the company, low on cash, could not pay the Tax Office under the terms it agreed with ILF.
