Interesting article in today's Gold Coast Bulletin on Payovation owner:

goldcoast.com.au/article/2010/07/03/234701_crime-and-court-news.html

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His 45-minute appearance centred on how he initially paid $500,000 to buy BT Projects' intellectual property and other assets just two days before the company collapsed with debts of about $180 million in July last year.

He said the company was yet to make a cent and he expected to have to close down at the end of the month.

"We are up to $5 million without a penny (back). Daniel must have been a freak. How he made money I don't know," he said.

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Press release issued by Payovation in December 2009:

24-7pressrelease.com/press-release/payovation-launches-as-global-credit-crisis-affects-merchant-account-approvals-130598.php

Interesting news. Usually these things are just speculations but since it comes from the owner directly I find it very credible.

Strange that a guy enters into a business without even knowing anything about it. Literally.

"We are up to $5 million without a penny (back). Daniel must have been a freak. How he made money I don't know," he said.




Just ask the people who Daniel owes tens of millions of dollars to, i'm sure they know.

Payovation CEO Michael Hui was on the stand today to testify in the liquidator's public examination into the collapse of intabill:

couriermail.com.au/business/daniel-tzvetkoff-told-exec-that-failed-bt-projects-firm-was-profitable/story-e6freqmx-1225888244057

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A TOP executive of failed BT Projects told a Brisbane court yesterday that he was on a global hunt to buy banks and make other acquisitions in 2008 while believing the internet payments firm would generate a $32 million pre-tax profit that year.

But former BT corporate development vice-president and chief legal counsel Michael Hui said he only accepted "verbal assurances" from co-directors Daniel Tzvetkoff and Sam Sciacca about the upbeat prospects for the company.

He acknowledged during a public examination in Federal Court that he had not seen financial statements or cash flow projections to back up the rosy outlook for the Brisbane-based firm, which collapsed in July last year owing a total of about $180 million.

Under questioning by counsel Paul McQuade, acting for BT's liquidators, Mr Hui said he was also unaware as late as June 2009 that Tzvetkoff and Mr Sciacca had sucked $110 million out of the company to make interest-free loans to their related entities.

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Asked why BT was still spending millions of dollars in speculative projects early last year when creditors were not getting paid, Mr Hui said he assumed the directors "believed they could trade out of the difficulties".

That spending included $2 million in March last year for a start-up firm based in Sydney with two executives tasked with chasing opportunities in Poland, Finland, Germany and the US, the court heard.

Mr McQuade described how $US32 million of BT's money flowed out to related entity Transact between mid-2008 and March 2009 to launch a payday lending business in the US.