Story Highlight
– Seven companies linked to director Andy Phanthapangna liquidated.
– Grow Fit Fund charity spent 89% on wages, administration.
– Network connects charities, businesses, and jewellery industry actors.
– Phanthapangna’s departure follows multiple company collapses.
– Concerns raised about operational transparency in charities.
Full Story
A complex web of financial struggles within the Australian jewellery sector has come to light, particularly regarding the Jewellery Industry Network (JIN) and its connections to multiple liquidated businesses.
Recent revelations indicate that Andy Phanthapangna, one of JIN’s founding directors, resigned in December 2024 amid a series of insolvencies affecting entities linked to him. Since January 2024, a total of seven companies associated with Phanthapangna have entered liquidation, with the same insolvency firm, Bernardi Martin, appointed as administrator in each case.
Prominent among these is the Grow Fit Fund, a registered charity implicated in the controversy. Despite claiming to support disadvantaged youth, financial records suggest that approximately 89% of its income was allocated to wages in the fiscal year ending 30 June 2023, with an astonishing 99% spent on administrative costs. Following a creditors meeting, Grow Fit Fund was deemed insolvent and is now set for liquidation.
The charity was founded in early 2021 by Phanthapangna and Glenn Murray Fuller, featuring ties to businesses operating from the same South Australian address as several other failing companies. Notably, the charity’s management structure included Laura Moore, another founding director of JIN, further intertwining the organizations. Grow Fit Fund’s financial documents show that while they received $228,037 in donations, only a nominal profit was recorded after extensive expenditure on administration.
Moore, who has been vocal about the charity’s objectives, previously described the mission of Grow Fit Fund as aiding children who lack resources to participate in sports and art initiatives. However, the lack of timely financial reporting to the Australian Charities and Not-for-profits Commission (ACNC) has prompted concerns over transparency and governance.
Adding to the scrutiny, directorships among the collapsed businesses reveal overlapping leadership. Banquet Creative and Achievement Collective, also founded by Phanthapangna and targeted for liquidation in 2025, demonstrate this network’s complexities. Both firms were involved in promoting charity events and maintaining strong connections to the JIN.
The total debt acknowledged by Grow Fit Fund’s administrators is around $114,371, incurring liabilities to both staff and the Australian Taxation Office. The companies involved in this financial unraveling share more than just operational links; many are geographically co-located, raising questions about the structure and sustainability of these enterprises.
Experts in charity governance have emphasized the need for accountability, particularly when administrative costs dominate expenditures. Reports suggest charities should ideally strive to maintain such costs at a modest level. As the investigation unfolds, regulators are faced with the challenge of assessing the legitimacy of operations connected to the jewellery industry, as well as safeguarding the interests of vulnerable beneficiaries.
Further investigations into these liquidated companies suggest a broad network of entangled interests, which raises significant concerns for oversight authorities in the charitable sector. As this story develops, it highlights the pressing need for clear regulations and transparency in charitable enterprises to protect both donors and beneficiaries alike.