George Tan, the finance director of property developer Austcorp, has left the company after 14 years.

As finance director, Tan had overall responsibility for all financial and risk management activities of the group.

A chartered accountant, Tan held a Bachelor of Arts and a Bachelor of Commerce and is a Fellow of the Taxation Institute of Australia and a member of the Australian Institute of Company Directors.

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Austcorp International Ltd is in the unusual position of not having filed a financial statement for the year ended June 30, 2008. The company watchdog ASIC is aware of the oversight but appears not to have done anything about it.

Other companies in the group, Austcorp Capital Ltd and Austcorp Funds Management Ltd, did not file their respective financial statements until April 1, 2009. Normally these statements are posted on the ASIC website within days but neither were there this morning.

Austcorp is one of the big-time developers lining up to receive Federal Government support from the Australian Business Investment Partnership, aka “Rudd Bank”.

Kevin Rudd and Treasurer Wayne Swan both share a passionate interest in the company’s headline and skyline-grabbing “Vision” project in the heart of Brisbane’s CBD.

It is a $1 billion “vertical village” which the company’s well-oiled PR machine says will become “one of the most sought after places to work, shop and live in Brisbane”, adding:

Occupying a major city block with street access at either end of an expansive people friendly plaza, Vision takes a new approach to inner city life in the 21st Century.

Crowned by a two-level observation deck, Vision is so thoughtful, so beautiful it marks a new chapter in the story of Brisbane.

But work on the 79-level tower block was halted last year with only 281 of its 402 apartments sold and Brisbane’s Courier Mail reported last month that Austcorp is “struggling to find buyers” for more than 80 apartments priced as between $1 million and $3.9 million.

Reporters Turi Condon and Matthew Franklin said the company was lined up to apply for government credit from Rudd Bank following the withdrawal of funding from the failed Royal Bank of Scotland.

Will intrepid Kevin and Wayne come to Austcorp’s rescue? Watch this space.

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Peter Fray
Peter Fray
Editor-in-chief of Crikey
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