Monday, April 20, 2009

Controversial Symonds lands in trouble again

Controversy and Andrew Symonds can never be too far apart it seems with the latest being allegations that the Australian cricketer used his autographed bat to get a seven-figure loan sanctioned before investing the money in a failed company."Symonds used an autographed bat to lock in a seven-figure loan with the Commonwealth Bank of Australia that he then invested with the failed Storm Financial Services, a former Storm executive alleges," reported 'The Sydney Morning Herald'."The Australian Financial Review reports that a Storm adviser offered the autographed cricket bat in 2007 in order to waive the cost of mortgage insurance for Symonds. The cricketer is believed to have lost about USD one million when the company collapsed in January," the report added.The adviser negotiated the loan with CBA's Aitkenvale branch in Queensland, the unnamed executive has alleged in a signed affidavit.

The CBA, meanwhile, says the bat was accepted by a staff member but refuted allegations that the bank offered preferential treatment to Symonds.Symonds invested the money in two Storm-branded products."Storm's founders Emmanuel and Julie Cassimatis put the company into voluntary administration in January after being unable to meet a repayment demand from CBA," the report stated.

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