Vic: Elliott company falls into receivership
A rice producer part-owned by high-profile businessman John Elliott has been placedin receivership.
Deloitte Touche Tohmatsu says it's been appointed receiver due to cash flow problemsat Australian Rice Holdings Pty Ltd.
Deloitte's representative ANDREW BECK says the company has been badly affected by worldrice prices, drought and the current difficult business climate.
Mr ELLIOTT is a former Liberal Party president and Elders IXL boss.
He originally registered Australian Rice Holdings in August 1997 in partnership withUS investor ROY DISNEY, a nephew of Walt Disney, through his private company Shamrock.
Australian Rice Holdings became the largest shareholder in grain miller and stock feedgroup Water Wheel Holdings, which they hoped would rise to the top of the local rice growingindustry.
But problems emerged with both Australian Rice Holdings and Water Wheel and the partnershipbetween Mr ELLIOTT and Shamrock dissolved.
Earlier this year Shamrock went to court seeking $500,000 in disputed payments by AustralianRice Holdings to Mr Elliott.
Mr BECK says the placing of Australian Rice Holdings in receivership has no connectionto problems at Water Wheel Holdings.
AAP RTV nc/gr/jlw/mo/gjr
KEYWORD: ELLIOTT (MELBOURNE)
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