Story Highlight
– Seven companies linked to Andy Phanthapangna liquidated.
– 89% of charity funds spent on wages, administration.
– Grow Fit Fund, connected to jewellery, now under liquidation.
– Overlapping ownership found among collapsed jewellery-related businesses.
– Multiple investigations into financial management ongoing.
Full Story
The recent turbulence within the jewellery sector has brought to light various intertwined financial and managerial ties among a group of companies, particularly those connected to the Jewellery Industry Network. Significant developments have included the resignation of founding director Andy Phanthapangna in December 2024, closely followed by the liquidation of multiple firms associated with him.
Seven companies affiliated with Phanthapangna have been declared insolvent since January 2024. This has raised concerns, particularly regarding the links between these entities and the Jewellery Industry Network, which was co-founded in 2020 by Phanthapangna and fellow directors Laura Moore, Brett Low, and Ewen Ryley. Low and Ryley exited the board in May 2023, leaving Moore as the last remaining director overseeing the organisation responsible for the Jewellery Industry Fairs.
Among the liquidated firms is the Grow Fit Fund, a charity that engaged in youth support initiatives. Financial disclosures for the fiscal year ending June 2023 reveal that a staggering 99% of its revenue was consumed by administrative costs, with 89% allocated entirely to wages and associated expenses for staff. This charity, while claiming to assist disadvantaged children, has experienced scrutiny following its placement under external administration shortly before the 2025 Jewellery Industry Fair event in Sydney.
In a broader investigation of the interconnected businesses, it has been established that financial ties linking the charity to the jewellery sector are complex. A casual review of records highlights that several companies operating in various fields, including sporting apparel, have overlapping ownership with Grow Fit Fund. Moreover, these firms share the same address in Thebarton, South Australia, raising eyebrows regarding governance practices.
Attempts to reach Phanthapangna for comments on the situation have proven unsuccessful, as have efforts to connect with former directors Glenn Fuller and his associates. Reports indicate that the Grow Fit Fund faced a significant penalties for failing to submit requisite financial statements to the Australian Charities and Not-for-profits Commission (ACNC), a lapse that raises further questions over its governance.
The Grow Fit Fund’s final financial report indicates total donations of approximately $228,000 for the year, with a mere fraction remaining after substantial operational expenditures. Including administrative and promotional costs, the charity is now set to liquidate, following an alarming trend evident in the financial activities of multiple linked organisations.
While regulations typically mandate transparency within charitable organisations, the practices observed within this network have sparked discussions on governance and ethical management. Experts advocate for stricter scrutiny of charity operations, particularly when such high levels of administrative spending appear misaligned with the stated mission.
As investigations continue, stakeholders eagerly await clarity on how these entities operated and governed themselves in connection to the larger jewellery industry framework. With the operations of several connected companies under close examination, the sector is left reflecting on its standards and accountability moving forward.