Rare Coin collapse blamed on GFC

The former managing director of The Rare Coin Company Rob Jackman has blamed the global financial crisis for the collapse of his company which owes investors around $7 million.

Expressing his thoughts via his corporate social media profile on LinkedIn, Mr Jackman took aim at the media for not reporting the true story behind his business.

“After 31 years in business the GFC took its toll and we have ceased to trade,” Mr Jackman stated.

“What the media don’t report is the $100 million clients have made and cashed in on in that time. That’s the sad part.”

Out of the $7 million owed, around $2.3 million is to Albany-based investors caught up in the collapse.

Albany man Colin Park is one of hundreds of investors set to attend this Friday’s first creditors meeting at Princess Royal Theatre and is demanding answers.

In a circular to creditors released earlier this week, liquidator Sheridans Chartered Accountants stated $7.2 million of rare currency had been sold but at the time of appointment of the liquidator the proceeds had not been received by clients.

“In this event, clients are noted as creditors of the company,” liquidator Jennifer Low stated.

“If you had consignment stock held by the company, I do not currently know if your stock remains intact, or whether it was partially or totally sold.”

Mr Park bought a 1961 Coombs Wilson one pound star note in 2002 for $3800 and is now worried he will not see any of his investment returned.

Mr Park said he was sympathetic to retirees who had “stacked all their eggs in the one basket” and would nominate to be part of a committee of investigation set to be formed tomorrow.

The Jackmans could not be contacted by the Albany Advertiser.