Collapsed company’s luxury car fleet revealed
THE Porsche-driving director of an IGA store has revealed his company owns a fleet of luxury vehicles despite it owing supermarket staff thousands of dollars and creditors $4.1 million more.
Gaurav Bansal, the director of Om Mahalaxmii, listed two Maserati Levante SUVs, a Porsche Cayenne wagon and an Audi Q7 among eight vehicles owned by his company, which went into liquidation last month.
The company operated IGA supermarkets at Goodna in Ipswich and Boronia Heights in Logan.
Five employees of Mr Bansal's Boronia Heights store are owed $23,232.45 in holiday pay according to his own report on the company.
Metcash, the parent company of IGA, is the largest creditor with $1.3 million owed.
The company also owes $1.2 million in payroll tax and $900,000 to Westpac.
It lists a $210,000 debt to Bahaamas Boating Pty Ltd, but fails to provide details about the debt.
Mr Bansal has been contacted for comment.
Last month he told The Courier-Mail his business made ends meet by not taking a big salary.
"I have worked 10 years and still don't own any property except (sic) house which 90 per cent (sic) with bank," he said.
"I have put my family on (sic) line to make ends meet and still can't make it work."
He said rising rent and wages coupled with flatlining profits in their supermarkets forced the sale of several stores at a loss.
"Retail is going through a tough time and it's impossible to run IGA (stores)," he said.
Mr Bansal's other company Bansal Group, which he runs with brother Vishal, once owned 17 IGA supermarkets in Queensland, New South Wales and Western Australia.
Bansal Group is also responsible for the rapid rollout of American food giants Carl's Jnr and Cinnabon in Queensland.
Liquidator Michael Griffin of Worrells said the IGA Goodna store was being independently operated by a third party while a buyer is sought.
The IGA Boronia Heights store is being traded by a third party while Worrells considers offers to buy the supermarket.
"We are continuing to work with all stakeholders to get the best possible outcome for
stakeholders, including the local communities in which these stores operate and for employees," Mr Griffin said.
Liquidators or administrators were appointed to 113 Queensland businesses in September.