Fincorp Collapse

Thousands of investors lost close to 300 million dollars in Fincorp Group of Companies. Former executives of failed property group, have contradicted the claims of founder, Eric Krecichwost, that he had not had any involvement in the company's day-to-day operations after he left in July last year. Former chairman, Peter Pengilley, told liquidators, KordaMentha, that Mr Krecichwost attended several board meetings last year and was, in essence, still running the group. Fincorp went into administration in late March 2007 owing its 8000 investors and bank lenders $296 million.