Phillip Kingston was a star of the fintech scene. But following a dispute with a Chinese financier, a judge has ripped apart his evidence.
against perceived infractions since three companies linked to Sargon were put into receivership in January 2020.. And despite the judgment saying Kingston did not prove the receivership was wrongful, he says, while he disagrees with elements of the ruling, the judgment nonetheless “does what it needs to do in the overall campaign against foreign interference in Australia”.
He also founded GrowthOps, which floated in 2018 after merging service businesses, from management consulting to marketing. Taiping Trustees, which had lent the promissory note money and was another part of China Taiping, appointed receivers to Sargon’s head company and two other associated entities in late January 2020. It was a shock.Sargon had been on an acquisition spree and had attracted former communications minister Stephen Conroy and former Crown Resorts chairman Rob Rankin to its board.
His accusations deepened. Ahead of “critical hearings” last year, he posted, “operatives attempted to intimidate me and planted a listening and tracking device on my car”. As proof, he uploaded to his website grainy security videos of a hooded figure hovering around his black utility’s wheel rim. “Documents that have come into my possession appear to indicate that there has been a deliberate campaign to trigger the receivership of Sargon by China Taiping,” Wilson said.“The allegations are that the interest payments on finance were deliberately redirected to present a failure to service debt. Consequently, contractual terms would be triggered, allowing for the appointment of an administrator, who would appoint a liquidator.
But Kingston’s own defence actually did not rely on that point – it was used for context. Among points raised in Kingston’s defence, he highlighted an internal China Taiping email mentioning cash had been received for the fourth-quarter interest payment.Still, the judgment said Kingston “did not prove that the appointment of the receivers was wrongful”, nor that no default had taken place.And Kingston had zero luck arguing that he should not have been on the hook with his loans either.
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