A closer analysis paints a different picture – with overlapping directorships and ownership structures, and frequent insolvencies and liquidations - suggesting a confusingly complex web of businesses.
This complicated intertwining also involves an intriguing array of inter-company, director and family-related loans and commercial activities, as well as fund transfers, of which the liquidator noted that some “transactions may give rise to all facets of voidable transactions and also breaches of the Director’s Duties”.
At the centre of this report are two founding directors of the Jewellery Industry Network, Angkham (Andy) Phanthapangna, who entered the industry around 2020, and Laura Moore, a former vice president of the Jewellers Association of Australia (JAA).
While these reports have detailed the unusual timing of the company collapses, what remains to be shown is the raw facts and figures behind the failed businesses, which amount to around $14 million, as well as other unusual transactions.
Indeed, of particular interest in this matter is the commercial relationship between two companies owned by Phanthapangna, which involves more than $3 million in unrecoverable debt, which the liquidator has questioned.
As will be explained in greater detail below, despite Phanthapangna’s initial involvement, Moore served as the sole director of a company for more than four years, which is said to owe more than $3 million to a related company.
Show me the money
Since the first report on 31 October, which outlined the collapse of a children’s charity connected to Phanthapangna and Moore, along with seven other collapsed companies, further investigation has identified a range of issues across about 60 entities.
As the following tables demonstrate, an analysis of the liquidator and administrator reports indicates that total liabilities are around $14 million, of which approximately $6.9 million (around 50 per cent) is owed to the Australian Taxation Office (ATO). See Table 2.
Network Total Liabilities | | | | | |
|---|
| | Company | Date Liquidated | Total Liabilities | * | Awaiting Liquidator’s Report: Based on initial Liquidator's Report. ACNC Registered. |
| | Achievement Collective | 14/7/25 | $2,204,219.00 | |
| # | AG Marketing | 31/1/24 | $2,489,833.00 | |
| | Apeirogon (ACN / 486) | 18/9/25 | $2,054,282.11 | |
| | Banquet Creative | 14/7/25 | $2,397,874.38 | # | Traded while Insolvent: Based on Liquidator's Report |
| | Beemede | 31/1/24 | $591,204.00 | |
| # | Diverso Resources | 17/2/25 | $1,914,675.00 | |
| * | Grow Fit Fund | 4/11/25 | $144,371.59 | | |
| # | QED Technology | 21/12/24 | $2,168,761.00 | | |
| | | Total | $13,965,220.08 | | |
| | TABLE 1: Shows a combined total of nearly $14 million in liabilities, spread across each of the liquidator reports prepared by insolvency firm Bernardi Martin. The figures for Grow Fit Fund are based on the initial Administrator’s Report, before it was placed into liquidation. Three companies marked with an # may have traded while insolent, two of which were insolvent “at inception”. | | | | |
Additionally, the reports reveal that $1.4 million is owed to staff. See Table 3.
According to Hugh Martin of specialist insolvency firm Bernardi Martin, at least three of these companies may have been trading while insolvent, with the liquidator suggesting that two may have been insolvent from inception.
As detailed on the Australian Securities and Investments Commission (ASIC) website, the penalties for insolvent trading can include criminal charges, civil penalties and compensation proceedings.
“You also have a duty to prevent your company trading and incurring debts if it is insolvent. A company is insolvent if it is unable to pay its debts when they fall due,” the ASIC website explains.
“Before you incur a new debt you must consider whether you have reasonable grounds to suspect the company is insolvent or will become insolvent as a result of incurring the debt.”
Connecting the dots
For example, consider AG Marketing Group, a clothing manufacturer trading as Fullhammer, which was placed into liquidation on 31 January 2024.
AG Marketing Group had two shareholders at the time of its collapse: Alphabet Technologies and Something Now. These companies are owned by Andy Phanthapangna and Glenn Fuller, respectively. They are also the same companies that own the collapsed children’s charity, of which Moore was a board member.
The liquidator’s report for AG Marketing Group, dated 9 February 2024, states: “I believe the company may have been insolvent since its inception [19 June 2020]. Since then, it has continued to incur debts, particularly to the employees and the ATO in excess of $1,750,000.” (Emphasis added)
This company has previously been an exhibitor at the Jewellery Industry Fair, an event organised by the Jewellery Industry Network, which, until recently, was owned by Phanthapangna and Moore. As detailed below, it is now solely owned by Moore.
AG Marketing Group collapsed with $2,489,833 in liabilities – and Martin had other criticisms.
Owed to Australian Tax Office (ATO) | | |
|---|
| | Company | Total Liabilities | ATO |
| | Achievement Collective | $2,204,219.00 | $922,896.37 | 41.87% |
| # | AG Marketing | $2,489,833.00 | $1,380,652.00 | 55.45% |
| | Apeirogon (ACN / 486) | $2,054,282.11 | $1,152,971.21 | 56.13% |
| | Banquet Creative | $2,397,874.38 | $991,087.15 | 41.33% |
| | Beemede | $591,204.00 | $522,656.00 | |
| # | Diverso Resources | $1,914,675.00 | $831,908.00 | 43.45% |
| * | Grow Fit Fund | $144,371.59 | $35,015.85 | 24.25% |
| # | QED Technology | $2,168,761.00 | $1,058,937.00 | 48.83% |
| | Total | $13,965,220.08 | $6,896,123.58 | 49.38% |
| | TABLE 2: According to the the liquidator reports, a staggering $6.9 million - or 50% of the total liabilities - is owed to the Australian Taxation Office. As noted, Beemede was not owned by Andy Phanthapangna but it was associated with AG Marketing as noted in the Bernardi Martin report. Click on company names to see ABN and ASIC record. |
“I am of the opinion that the Company has not kept its books and records in accordance with section 286 of the Corporations Act. I have reviewed the Directors’ appearances on public registers. I have requested, but have not yet received, statutory declarations from the Directors in respect of their assets and income,” he wrote.
This is interesting because it is not a new phenomenon for this duo – Phanthapangna and Fuller also failed to provide financial reporting declarations before the collapse of the children’s charity, Grow Fit Fund.
Grow Fit Fund was registered with the Australian Charities and Not-for-profits Commission (ACNC) and failed to comply with statutory reporting. As previously reported, during the 2023 financial year, 89 per cent of all donations to Grow Fit Fund were used to pay staff.
It’s possible that some of the charity’s staff were simultaneously employed by other director-related companies.
Martin made similar observations regarding insolvent trading at Diverso Resources. It was registered with ASIC on 16 March 2023, and the director and secretary were recorded as Ivan Vantagiato.
The most unusual circumstances behind this company’s establishment and its collapse warrant special mention here as a 'mini story'.
Mini-Story: Diverso Resources: Fact Is Stranger Than Fiction Diverso Resources: Fact Is Stranger Than FictionThe circumstances behind Diverso Resources’ two-year trading history are highly unusual and are worthy of a specific review because, not only was it insolvent from ‘Day One’ it was embroiled in a costly legal case from the outset. The company registered with ASIC on 16 March 2023, and it collapsed in February this year with $1,914,675 in liabilities, including a debt to the Australian Taxation Office (ATO) of $831,908. The report also notes that staff were owed $53,272 The director and secretary is recorded as Ivan Vantagiato and the shareholders are listed as Alphabet Technologies, owned by Phanthapangna, along with two other companies, S&I Vantagiato and Vantagiato. The Diverso Resources website states ‘served by Banquet’ – a reference to Banquet Creative, another company owned and now liquidated by Phanthapangna. It should be noted that the now liquidated Diverso Resources should not be confused with Diversa Resources (ACN: 666 297 810) – yet another company associated with Phanthapangna. Diverso Resources (with an ‘o’) ceased trading before Bernardi Martin was appointed as administrator on 6 December 2024 and subsequently liquidated on 17 February 2025. The liquidator’s report notes that the company was involved in labour hire, primarily to mining, energy, and construction businesses.That said, it seems the company’s directors have been far from forthcoming about its demise. “I have written to the Directors and former Directors seeking further information on what has happened to the Company’s business, however, at this time I have no explanation,” he explains. “I am continuing my investigations into whether the business has been assumed by another entity.” Martin added: “I am of the opinion that the Company has not kept its books and records in accordance with section 286 of the Corporations Act.” That matter aside, the liquidators report does provide some context surrounding the business’ collapse which traded at a loss of $33,598 in 2022/23 and $466,154 in 2023/24. Martin notes: “Shortly after the Company was incorporated it was legal proceedings were commenced against it in the Supreme Court of South Australia by Red Appointments claiming that its directors and an employee had stolen intellectual property from it. “This matter was settled with the Company paying $60,000 to Red Appointments and incurring significant legal costs in the process.” RED Appointments is a self-described ‘solutions-based’ recruitment and labour-hire company that provides human resource and staffing services. Therefore, it appears that soon after Diverso Resources began trading, it was embroiled in an intellectual property legal case and subsequently paid $60,000. Interestingly, a social media post from July 2021 congratulates Ilaria Vantagiato on working with RED Appointments for two years and praises her hard work. Ilaria Vantagiato is recorded on the Diverso Resources website as the director. Among the other notable names to appear on the website are Bisahr Phanthapangna and Jye Sims of Achievement Collective and IGN Research fame. The liquidator’s report states: “It appears that the Company effectively traded at a loss since its inception and was only able to continue to trade due to related companies lending it money and the non-payment of statutory creditors’ (the ATO and RTWSA in particular) and employee creditors’ debts. “I am of the opinion that the Company has been insolvent since its inception, from which time it has traded at a loss and now has net liabilities in excess $500,000,” Martin concludes. The report also notes that potential claims for voidable transactions and for insolvent trading may also constitute breaches of the directors’ duties. These would be the requirements to act with reasonable care and diligence, to act in good faith and not use their positions to benefit themselves. |
Diverso Resources' shareholders are listed as Alphabet Technologies, owned by Phanthapangna, along with two other companies, S&I Vantagiato and Vantagiato. Bernardi Martin was appointed as liquidator on 17 February 2025.
“It appears that the company effectively traded at a loss since its inception and was only able to continue to trade due to related companies lending it money and the non-payment of statutory creditors’ (the ATO and RTWSA in particular) and employee creditors’ debts,” the report reveals.
Diverso Resources collapsed in February, with $1,914,675 in liabilities, including a debt to the ATO of $831,908. The report also notes that staff were owed $53,272. See Tables 2 & 3.
Owed to Staff | |
|---|
| | Company | Total Liabilities | Staff/Entitlements |
| | Achievement Collective | $2,204,219.00 | $813,458.00 | 36.90% |
| # | AG Marketing | $2,489,833.00 | $155,173.00 | 6.23% |
| | Apeirogon (ACN / 486) | $2,054,282.11 | $152,215.07 | 7.41% |
| | Banquet Creative | $2,397,874.38 | $144,476.00 | 6.03% |
| | Beemede | $591,204.00 | | |
| # | Diverso Resources | $1,914,675.00 | $53,272.00 | 2.78% |
| * | Grow Fit Fund | $144,371.59 | $18,005.53 | 12.47% |
| # | QED Technology | $2,168,761.00 | $103,103.00 | 4.75% |
| | Total | $13,965,220.08 | $1,439,702.60 | 10.31% |
| | TABLE 3: The liquidator reports indicate that each of the Andy Phanthapangna-owned companies collapsed owing staff wages and/or staff entitlements, including superannuation and leave entitlements amounting to $1.4 million. |
Another company of note is QED Technology, which was registered with ASIC on 4 September 2020. Phanthapangna was listed as director and secretary, and Alphabet Technologies was the shareholder.
At the time of publication, the company’s website (qedtechnology.com.au) is still active and displays an address of 5 Hackney Road, Hackney, in Adelaide. As readers will note, this address appears repeatedly on documents across many companies associated with Phanthapangna.
Martin also observed that QED Technology, which was liquidated on 21 December 2024 - four days after Phanthapangna resigned from Jewellery Industry Network - may have been insolvent for 18 months.
QED Technology collapsed with $2,168,761 in unsecured creditors. Among the debts was $1.05 million to the ATO and more than $100,000 to staff.
Jewellery Industry Network was intertwined with QED Technology as one of its creditors.
Uncollectible related party debts
These are just three of at least eight examples of collapsed companies with unusual associations with the Jewellery Industry Network.
The liquidator's reports for these companies outline extensive inter-company and related-party loans and purchases totalling more than $7 million, of which AG Marketing Group records $5.6 million, QED Technology $1.06 million, and Diverso Resources $829,000.
Among the eight companies, Jewellery Industry Network appears in two liquidator reports - as a creditor to Banquet Creative, which was liquidated on 14 July 2025, and as the beneficiary of a loan from QED Technology, which was liquidated on 21 December 2024.
According to the QED Technology report, the company provided loans to seven director-related companies, including Jewellery Industry Network, which was noted as being uncollectible.
“I have made demands on these director related companies to repay their debts," writes Martin.
“The Director [Phanthapangna] informs me that the debt is subject to set off with debts due by the company to him and Unit Trust and that each company is unable to pay their debts. I am investigating these debts further.” [Emphasis added]
...........Owed to Related Parties | |
|---|
| | Company | Total Liabilities | Related Party | | Related Party: Inter-company loans, related party loans, and related company creditors |
| | Achievement Collective | $2,204,219.00 | $861,641.43 | |
| # | AG Marketing | $2,489,833.00 | $5,692,944.00 | |
| | Apeirogon (ACN / 486) | $2,054,282.11 | $924,875.49 | |
| | Banquet Creative | $2,397,874.38 | $3,260,035.80 | | |
| | Beemede | $591,204.00 | $0.00 | | |
| # | Diverso Resources | $1,914,675.00 | $828,809 | | |
| * | Grow Fit Fund * | $144,371.59 | $50,560.16 | | |
| # | QED Technology | $2,168,761.00 | $5,585,547.95 | | |
| | Total | $13,965,220.08 | $17,204,413.83 | | |
| | TABLE 4: Bernardi Martin has identified a complex web of inter-company loans, director and related party loans, an “fund transfers” that could amount to more than $15 million, most of which has been deemed “uncollectible”. | | |
One of the seven director-related loans made by QED Technology was to a company known as IGN Research. Martin notes that the $1.3 million loan was made sometime before he was appointed to liquidate QED Technology on 21 December 2024.
IGN Research was registered with ASIC in 2020, with Phanthapangna and Moore listed as directors, and the shareholders of IGN Research are recorded as Alphabet Technologies, owned by Phanthapangna, and Sharp Space, owned by Moore.
IGN Research is a separate entity from Industry Group Network (IGN), which was registered with ASIC on 1 September 2020, two weeks before IGN Research was registered on 17 September 2020.
With that said, both companies had the same corporate structure, with Phanthapangna and Moore as directors and secretary, respectively, and the shareholding in Phanthapangna‘s Alphabet Technologies and Moore’s Sharp Space.
Industry Group Network (IGN) was the company that acquired Jewellery World magazine in 2022. This company was issued a Wind Up order on 23 January 2024 by the Deputy Commissioner of Taxation. Its ownership recently changed, as noted below.
The three IGNs
The relationship between IGN Research and QED Technology goes even further. Researchers sought the advice of an expert accountant who described some of the details outlined in these reports as “highly unusual, to say the least”.
As mentioned above, the Bernardi Martin report describes a $1.3 million loan that was made by QED Technology to IGN Research during the 2024-25 financial year.
This transaction is noted under the ‘Date of Insolvency’ section, which details significant matters leading to the collapse of QED Technology.
In addition to this loan, the report provides further context on the commercial relationship between QED Technology and IGN Research in a separate section.
Under section 2.2 (Assets – Loan Accounts), the liquidators’ report lists: “IGN Research for $3,185,069.60.”
Martin notes that Phanthapangna offered the following explanation: “This debt is not represented by monies lent. The debt represents work done for a related company IGN in developing an industry connection portal which was superseded before it was finished and able to be marketed.” (Emphasis added)
The debt between IGN Research and QED Technology is not recoverable, and Martin believes the company had been trading while insolvent. This is also detailed under the ‘Date of Insolvency’ section of the report.
“I have reviewed the Company’s records and I am aware of the following significant matters. Accordingly, an adjusted balance sheet as at the date of my appointment would show the Company to have net liabilities of $776,894,” writes Martin.
“I am of the opinion that the Company [QED] was insolvent since at least 1 July 2023 after it had made a loss of $242,782, had net liabilities of the same amount and was unable to generate sufficient profits in the future to increase equity.”(Emphasis added)
The ASIC website indicates that Moore was the only director of IGN Research during the period when QED Technology recorded these loans.
That is, records for IGN Research reveal that Phanthapangna and Moore were appointed as directors on 17 September 2020, when the company was established. Moore was also listed as the secretary; however, the same document intriguingly indicates that Phanthapangna resigned from IGN Research on the same day he was appointed.
As a result, the corporate regulator record shows that Moore was the sole director and secretary of IGN Research for more than four years. She resigned on 9 December 2024, 12 days before QED Technology was liquidated.
Key Excerpts: Summary of Liquidator's Reports
Achievement Collective’s Liquidation Summary |
AG Marketing’s Liquidation Summary |
Apeirogon (ACN / 486)’s Liquidation Summary |
Banquet Creative’s Liquidation Summary |
Beemede’s Liquidation Summary |
Diverso Resources’ Liquidation Summary |
Grow Fit Fund’s Liquidation Summary |
QED Technology’s Liquidation Summary |
A new director, Shuai Shao, was appointed director of IGN Research on the same day Moore resigned.
A 'Steven Shao' is listed on social media as an employee of Apeirogon, a company owned by Phanthapangna. Apeirogon was one of the liquidated companies that collapsed last September, owing the ATO $1.15 million and staff $152,000.
The liquidator’s report for Apeirogon records more than $868,000 in related party transactions.
This intricate web of companies and overlapping directorships is best illustrated by yet another similarly-named company called 'IGN Media'.
IGN Media should not be confused with IGN Research or Industry Group Network (IGN), two separate entities. This company was registered with ASIC on 29 January 2024, listing Laura Moore and Jye Sims as directors.
As previously reported, Sims was a founding director of Achievement Collective alongside Phanthapangna. It was a registered provider with the National Disability Insurance Scheme (NDIS) and was liquidated by Bernardi Martin on 14 July 2025, the same day as Banquet Creative.
Sims was initially registered as the director and secretary; however, when it collapsed with $2.2 million in liabilities – including $993,000 to the ATO - only Phanthapangna was recorded as director and secretary.
The liquidator’s report noted more than $720,000 in inter-company loans, including $290,551 to Jye Sims, as well as $311,627 to QED Technology and $77,000 to another related company, Alphabet Research - not to be confused with Alphabet Technologies.
Alphabet Research was issued with an ASIC deregistration notice in May 2025. Jye Sims was the director of Alphabet Research until he resigned on 25 November 2024, at which point he was replaced by Shuai Shao on the same day, and two weeks after Shao replaced Moore as director of IGN Research.
ASIC deregistered the company on 25 July 2025.
The Achievement Collective liquidator’s report notes: “The Director [Phanthapangna] informs me that Alphabet Research has no assets, and I am aware that Diverso and QED are in liquidation, Jye Sims has informed me he has no assets. I am seeking repayment of these loans.” (Emphasis added)
As previously noted, Banquet Creative - another company owned by Phanthapangna - was liquidated on the same day as Achievement Collective, 14 July 2025.
Banquet Creative collapsed with $2.4 million in liabilities, including $991,000 to the ATO. It recorded $1.9 million in inter-company loans, including $311,627 to QED Technology and $1,902,365 to Alphabet Research.
In a similar fashion to Achievement Collective, the liquidator’s report for Banquet Creative states: “The Director [Phanthapangna] informs me that Alphabet Research has no assets, and QED is in liquidation. I am seeking repayment of the loans.” (Emphasis added)
Ezy money
These examples of inter-company loans are the tip of the iceberg.
One of the creditors mentioned in Martin’s report for Banquet Creative is EzyFund. The company’s website states that it is “an online platform that matches you to a broker uniquely qualified for your personal needs”.
In a seemingly unusual transaction, EzyFund is recorded as owing Banquet Creative $1.3 million. This is interesting because this specific debt is not listed as an inter-company debt or a related-party transaction.
EzyFund was registered with ASIC on 30 March 2021, with Phanthapangna recorded as director and secretary. The shareholder is Alphabet Technologies, the Phanthapangna-owned company.
With that said, on 8 September 2025, there was a change: Anmolpreet Singh was appointed director of EzyFund and 100 per cent of the shares are now recorded in his name.
The business website for EzyFund (ezyfund.net.au) was registered by Phanthapangna on behalf of the recently liquidated company, Apeirogon, as mentioned above.
Little is known about Anmolpreet Singh, other than that ASIC records show he has recently replaced Phanthapangna as a director and/or shareholder in at least four different companies.
| |
|---|
| | Achievement Collective | $106,427.98 |
| | Apeirogon (ACN / 486) | $597,118.33 |
| | Banquet Creative | $1,294,288.56 |
| | Total | $1,997,834.87 |
| | TABLE 5 - EzyFund, which purports to be “an online platform that matches you to a broker uniquely qualified for your personal needs”, was used to make payments which were "were circular and designed to create a paper value of the company and related companies". Martin wrote that they "may constitute voidable transactions". |
Among Singh's new directorships are BNQ Media; Industry Network Group, the company that once owned Jewellery World; Acumend, an ‘integrative health clinic’ in Adelaide operated by Sandra Phanthapangna; and another company called Traditional Health.
This first point is interesting given the following comments in Martin’s report: “I am informed that the Company [Banquet Creative] operated a branding and marketing business, which ceased trading in June 2025. The business was not sold and I am not aware of it or any part of it continuing.” (Emphasis added)
With that noted, and despite the business not having been sold, the URL for Banquet Creative (banquetcreative.com.au) now redirects to another website - BNQT (bnqt.com.au). This website’s homepage states: “Banquet is a creative agency building brands and shaping digital products for a fast-moving world”.
The corporate regulator records BNQT as a business name registered to The Trustee for Banquet Creative Unit Trust.
Until late 2023, emails to the BNQT website were responded to by Natacha Phanthapangna, founder and head of strategy. She left the business, and auto-response emails encourage people to contact ‘Andy at Apeirogon’.
Banquet Creative and BNQT should not be confused with another similarly-named company called BNQ Media, owned by Phanthapangna and Ivan Vantagiato. BNQ Media was registered with ASIC on 4 April 2020, with the shareholders being Alphabet Technologies and Vantagiato.
The BNQT website is intriguing because it promotes the work of a number of ‘clients’; however, most appear to be the same list of related-party companies associated with Phanthapangna and/or Moore.
For example, BNQT features various images of work done for: Acumend (a business operated by Sandra Phanthapangna), JW Magazine (formerly owned by Andy Phanthapangna), Wiltya Vari (listed as a related-party debtor to Diverso) and Adelaide Leather (listed in the Banquet Creative liquidator’s report).
WHOIS, the public directory for domain name registrations, records BNQT.com.au as being registered by Andy Phanthapangna of Apeirogon.
Meanwhile, the similarly-named banquetcreative.com.au was registered by Andy Phanthapangna of Alphabet Technologies Trust.
Same same, but different
It is worth noting that the address listed on the BNQT website is 5 Hackney Road, Hackney. The same address is used for a number of other companies detailed in these reports, including Banquet Creative, BNQ Media, QED Technology, and EzyFund.
The Hackney Road address is also used on the Apeirogon website.
The now liquidated Apeirogon should not be confused with any of the other similarly-named ‘Apeirogons’: including Apeirogon Corporation, Apeirogon Group, or Apeirogon Technologies.
There is also a fifth business registered as 'Apeirogon', and this one is held by Sandra Jane Phanthapangna. The same ASIC record details another business - Acumend - presumably her integrative health clinic (acumend.com.au) and which appears in two creditor reports.
Two other companies appear on the Apeirogon creditor's list with the same Hackney Road address.
As previously noted, 'apeirogon' is a mathematical term used to describe a polygon with a countably infinite number of sides.
Apeirogon Corporation was registered on 26 September 2023, and the historical ASIC record lists Angkham Phanthapangna and Francis Wong as directors.
Alphabet Technologies held 60 per cent of the shares, and a company for which Wong is director and shareholder, Encounter Global, held 40 per cent. However, on 11 March this year, Phanthapangna resigned as director of Apeirogon Corporation, and there was a change in shareholding.
Karl Farrow was appointed the new director on 11 March 2025, and the 60 per cent shareholding previously held by Alphabet Technologies is now held by ‘Apgon Australia’.
As previously reported, this new company was registered with ASIC in January this year and is owned by Brandon Sithanh Phanthapangna.
As an aside, ‘Karl Farrow of Apeirogon’ provided an online testimonial for a business called Ownn Shop, which was described as "an advanced decorated apparel platform”.
Phanthapangna is registered as the director and secretary of Ownn Shop, and the two shareholders are listed as Alphabet Technologies and Something Now. As previously noted, these companies are owned by Andy Phanthapangna and Glenn Fuller, and which also owned the collapsed children's charity - Grow Fit Fund.
ASIC has begun ‘strike-off action’ against Ownn Shop.
Apeirogon by name, apeirogon by nature
Unsurprisingly, the website for Apeirogon Corporation (apeirogoncorporation.com) states: “served by Banquet Creative”, one of the Phanthapangna-owned companies in liquidation.
On social media, Francis Wong promotes himself as ‘Chairman Apeirogon’ while a LinkedIn account for Apeirogon lists him as an employee, alongside Steven Shao and Jett Ferro (See footnote).
Wong’s Encounter Australia is the organiser of the Australian ASEAN Business Forum, and the website explains that it was “Founded in 2014 by Mr Francis Wong OAM, OSJ, who serves as Chairman”.
The annual event is described as “a premier platform connecting business leaders, policymakers, and innovators from across Australia and Southeast Asia”.
Encounter Australia appears in the Apeirogon liquidator’s report as a creditor for around $30,000.
The connections between the various ‘Apeirogons’ are interesting and warrant further investigation, because, although Wong is a director and shareholder of Apeirogon Corporation, the LinkedIn profile directs users to the website for Apeirogon (apeirogon.com.au), not Apeirogon Corporation (apeirogoncorporation.com).
This is a separate entity from the one that Wong claims to be chairman. While the names are similar, each website uses a different logo; therefore, there should be no confusion between the Apeirogon Corporation and Apeirogon website.
With that said, given that Wong is listed as an employee, it appears that his claim to being Chairman Apeirogon is for the liquidated ‘apeirogon’ - not Apeirogon Corporation for which he is a director and shareholder.
The Apeirogon name and logo are prominently featured as a sponsor of Wong’s Australian ASEAN Business Forum, including its most recent event in Adelaide (25-27 August 2025).
Readers should note that the insolvency firm Bernardi Martin liquidated Apeirogon on 15 August 2025 - 10 days before the Australian ASEAN Business Forum.
Other major sponsors include: Government of South Australia, BHP, Santos, and Enserv.
Some of the speakers included: Peter Malinauskas (Premier of South Australia), Paul Grimes (CEO of Austrade), Wendy Black (Executive Director Policy for the Business Council of Australia), Andrew McKellar (CEO of the Australian Chamber of Commerce and Industry) and Kevin Gallagher (CEO of Santos).
Phanthapangna has previously been promoted as a speaker at the Australian ASEAN Business Forum.
In addition to being Chairman Australian ASEAN Business Forum - as well as Chairman Apeirogon - Wong’s LinkedIn profile lists, among others: Managing Director Encounter Australia, Adelaide Fringe Foundation Board Member, Fellow Australian Institute Company Directors and Managing Director Enserv Australia.
All positions are listed as ‘current’.
Despite Enserv Australia being described as “a subsidiary of Enserv Thailand, a leader in clean energy generation, emissions reductions, climate change services”, research has been unable to identify a current record for Enserv Australia on the Australian Business Register nor the ASIC website.
Wong was contacted on multiple occasions to clarify several issues; however, at the time of publication, he had not responded.
In addition to Phanthapangna resigning as director and secretary of Apeirogon Corporation, readers might not be surprised to learn that the director and secretary of Apeirogon Group was also Angkham Phanthapangna, and that the shareholder was Alphabet Technologies.
However, in a similar manner to his resignation from Apeirogon Corporation in March this year, Phanthapangna also resigned from Apeirogon Group in March.
Similarly, Karl Farrow replaced Phanthapangna as director, and the shareholding in Alphabet Technologies was also transferred to Apgon Australia, owned by Brandon Phanthapangna.
Many attempts to contact Andy Phanthapangna and Sandra Phanthapangna have been unsuccessful.
Creating a paper trail
In addition to the $1.3 million transaction appearing in the Banquet Creative report, EzyFund is listed as a creditor of Achievement Collective ($106,000) and Apeirogon ($597,000).
These transactions are not listed as inter-company or related-party transactions in Martin’s reports; however, he did make several significant observations about EzyFund's business practices.
“The Director informs me the transactions were circular and designed to create a paper value of the company and related companies,” Martin writes.
“I believe that the Director’s explanation largely explains the difficulties but not all of the transfers of funds however at this time I am not aware of any other significant causes.” (Emphasis added)
With that said, under the ‘Voidable Transactions’ section of the QED Technology liquidator’s report, Martin notes the following.
“The company make [sic] payments through EzyFund Pty Limited and other related companies which may constitute voidable transactions. The Director informs me the transactions were circular and designed to create a paper value of the company and related companies,” he explains.
“I have required further bank statements and other financial records to better understand these transactions so that I may determine whether any offences have occurred and whether any recoveries are possible."
How this ‘circular fund transfer’ was used “to create a paper value of the company and related companies” is unclear.
Background reading: Moore and Phanthapangna face Federal Court
With that said, this commercial activity, including inter-company trading, which in totality seems to account for $17 million, combined with more than $6.9 million in liabilities owed to the ATO, makes for a peculiar tale.
Martin concludes: “I am of the preliminary opinion that the [EzyFund] transactions may give rise to all facets of voidable transactions and also breaches of the Director’s Duties. I have not yet determined whether the breaches are commercial to pursue.” (Emphasis added)
Whether these issues impact Moore remains to be seen, because during the four-year period when she was a director and shareholder of IGN Research, more than $3 million in unrecoverable debt was recorded against the company via QED Technology.
It should be noted that, while Moore resigned from ING Research on 9 December 2024 - two weeks before QED Technology was liquidated - ASIC continues to record the company’s ‘principal place of business’ as an address personally associated with Moore.
As noted above, Phanthapangna resigned from the Jewellery Industry Network (17 December) around the same time as Moore’s resignation from IGN Research on 9 December - only four days before he appointed Bernardi Martin to QED Technology.
More to come
The complete ‘story’ of the three similarly-named ‘IGN’ entities - including a connection to the jewellery industry - is sufficiently intriguing to warrant additional research and will be subject to further reporting.
As previously reported, Industry Group Network acquired Jewellery World in 2022 and WHOIS provides another insight into this complex corporate structure.
The Industry Group Network website (ignet.com.au) was registered by Apeirogon Pty Ltd, the company that was liquidated by Bernardi Martin on 15 August.
The domain registrant contact person is listed as Laura Moore.
As mentioned above, the liquidation of seven companies since January last year, for which Phanthapangna was a director and/or shareholder, is unusual in and of itself; however, new information has come to light indicating that more than 20 companies have been deregistered.
As previously reported, this series of investigative articles began as a somewhat simple like-for-like preview into how Jewellery Industry Network was promoting various director-related and family-related exhibitor companies at its various Jewellery Industry Fairs and events.
The purpose of that project was to strip out marketing puffery in order to provide jewellery retailers with an accurate comparison of two jewellery industry trade shows held in Sydney on the same weekend in August 2024.
Additionally, the research found that director-related and family-related exhibitors were provided editorial coverage in Jewellery World. None of these 'related connections' were declared to fair visitors, nor was any conflict of interest outlined to readers about the favourable media coverage afforded these 'related' businesses.
Furthermore, these connections were not made public to other jewellery wholesalers who had paid to exhibit at the Jewellery Industry Fairs, where director-and family-related companies were being promoted.
Readers could be forgiven for thinking that there are 'more dots to be connected'.
Editor’s Note: This exhaustive research is based on publicly available information, and, as mentioned, numerous attempts have been made to contact relevant individuals for comment and clarification. The liquidator is yet to complete the report for Grow Fit Fund.
Jeweller does not suggest that any of the individuals referenced in this story have acted unlawfully. Readers must assess for themselves the significance of director-related and family-related connections between businesses and the wider jewellery industry.
FOOTNOTE
What We Teach Our Children One of the most unusual things to have come to light since the publication of the first two articles (31 October) is a podcast featuring Andy Phanthapangna, Jett Ferro and Trent Merrin. Kim Kleidon is a former ABC journalist who promotes herself as “a storytelling coach, educator, and former ABC Radio broadcaster. I help people and organisations unlock authentic voices to inspire change". On 10 July 2025, only four days before Phanthapangna’s Banquet Creative and Achievement Collective were placed into liquidation with liabilities of $4.5 million, Kleidon published a podcast featuring the trio. Her podcast is known as ‘What We Teach Our Children’, and this was episode 37. Kleidon’s promotion for the podcast stated: “Teaming up with Founder of the Paragon Group, Andy Phanthapangna and Tech whizz Jett who manages business operations for the Group – they’re building relationships with community leaders to deliver improved outcomes and access for people living outside big cities.” It adds, “Former rugby league pro-athlete Trent Merrin is also using his personal experience with science based cold therapy to help others.” Merrin is a former National Rugby League player who spent more than a decade playing with St George Illawarra and Penrith. He appeared on the podcast to promote ‘Freeze Yourself’, an ice bath company. Kleidon's website states: “Children are our future so ‘What we teach them’ through our actions and words is important. Imagine if your parents, teachers, relatives, or carers told you another story – your life story would be completely different.” Phanthapangna, Ferro, and Merrin were interviewed on the subject of ‘Vision & Values’. Interestingly, on 5 November, it was widely reported that Merrin’s home had been raided and he was arrested and charged by NSW Police over his alleged involvement in the theft of cryptocurrency. Background reading: Jett Ferro and Apeirogon Technologies While Merrin has publicly denied these charges, news reports have also highlighted previous charges, including multiple breaches of domestic violence orders, otherwise known as AVOs. The podcast episode was available online for around 12 weeks before it suddenly disappeared from Kleidon’s website and the streaming platform Spotify around the time of Merrin’s charges. On 7 November, Jeweller made initial contact with Kleidon, to which she replied. She was subsequently asked why the episode had been taken down and also asked about the circumstances of the interview – specifically, how the three guests were selected, and whether the episode was paid advertising for the respective companies. Kleidon did not reply; however, soon after Jeweller’s initial email, the podcast was suddenly republished. Subsequent emails to Kleidon about the details surrounding her interview have not been answered. Kleidon’s website does not provide any information about ‘Paragon Group’ or a link to any company website. Further, ASIC records do not detail a company by that name for which Phanthapangna is a director and/or shareholder. As mentioned, he was promoted as the "founder of the Paragon Group". Intriguingly, Kleidon’s website provides two links: one to Merrin’s business (freezeyourself.com.au) and a second website (mmanagement.com.au), seemingly unrelated to Paragon Group, that claims to 'empower athletes beyond the game'. According to WHOIS, the MManagement website was registered by Karl Farrow of Apeirogon Group - not to be confused with Apeirogon Corporation for which he is a director, along with Francis Wong. As mentioned, Episode 37 was published on 10 July. Despite the fact that Phanthapangna's children’s charity was placed into Administration on 25 September - and liquidated on 30 October - the ‘What we teach our children’ promotional podcast for another Phanthapangna-associated business remains on Kleidon’s website. |
More reading
Jewellery Industry Network: Insolvency connections everywhere you look
Jewellery Industry Network: Unravelling a web of collapsing companies
Last one standing: Jewellery Industry Network linked to three collapsed companies
Dramatic changes to the jewellery fair landscape
Jewellery Trade Shows VII: Is this the end of the industry division?
Uncertainty surrounds upcoming jewellery fair as exhibitor list comes into question
A Fair Hearing: Who does this benefit?
Jewellery Industry Network: Moore moves to correct misleading trade fair statements
Correction: Jewellery Industry Network directors have resigned
Blast from the past: More questions raised about Jewellery Industry Network