Philip Matera, a former star of the West Coast Eagles, is attempting to regain a half stake in his fresh food wholesale company, Abundance Produce Australia, following the collapse of his business partner, Odeum Produce. In 2019, the Aboriginal-owned wholesaler partnered with Odeum, a 35-year-old agribusiness, to secure lucrative contracts in the resources industry and government, aiming to increase employment opportunities for Indigenous people.
However, Odeum collapsed in September, leaving debts of $15 million. Despite efforts to find a buyer, creditors decided to wind up the company in late December. Matera has now lodged a writ in the West Australian Supreme Court, claiming a clause in their partnership agreement allows him to take control of Odeum's stake in the event of its collapse. The disagreement over the appointment of an independent valuer to assess the worth of the stake has led to a legal dispute.
Matera has appealed to the court to compel Odeum's liquidators to appoint a new independent share valuer. As the dispute is ongoing, Matera has declined to comment further.
Source: watoday.com.au
