THE former chiefs of TOTE Tasmania face a grilling over TOTE’s $5 million investment in collapsed online betting business Sports Alive.
Legal advisers to liquidator Hamish MacKinnon will publicly examine former TOTE Tasmania chairman Michael Kent and former chief executive Craig Coleman in the Supreme Court of Victoria between April 30 and May 4, 2012.
The date was set after a directions hearing in Melbourne on Friday.
The examination, which comes under Section 596A and 586B of the Corporations Act 2001, also includes Victorian Sports Alive directors Stephen Chant, Colin Hiles and Daniel Finley.
TOTE Tasmania invested $5 million in Sports Alive and Mr Coleman became its chairman in December 2009.
The company collapsed with millions of dollars of debts in August last year.
Mr MacKinnon wrote to Mr Coleman and other directors last year demanding $14 million.
The demand was based on alleged pledges from Mr Coleman that TOTE would invest a further $3.75 million in Sports Alive in December 2010 prompting the company continuing to trade despite losing massive amounts.
The TOTE annual report for 2009-10 reported that TOTE took a 25 per cent shareholding in Sports Alive and “in the next financial year intends to increase its shareholding to a controlling interest”.