A unit of Chinese insurance conglomerate China Taiping Insurance Holdings is causing problems for Australian fintech firm Sargon by appointing a receiver for its holding company.
Sargon has confirmed that Taiping Trustees, a creditor who is a subsidiary of Hong Kong-listed China Taiping Insurance, has appointed Jason Preston and Shaun Fraser of McGrathNicol as receivers for holding company Sargon Capital Pty Ltd.
Sargon said in an official statement that the appointment related to “debt facilities provided to Sargon Capital Pty Ltd by Taiping Trustees.”
The administration will not affect Sargon’s operational subsidiaries, with Sargon stating that its “role and services as trustee, supervisor and custodian are unaffected by the appointment and continue to operate as normal.”
“We confirm that operational capability across our business remains as before and will continue to do so.”
Founded in 2013, Melbourne-based Sargon bills itself as a provider of technology and infrastructure solutions to financial institutions in Australia, New Zealand and Hong Kong.
It operates “next-generation trustee cloud infrastructure,” focusing in particular on catering to superannuation and retirement services providers.
Sargon has long planned an IPO with a reported valuation of AUD$1 billion, and enjoys strong backing from leading political and business figures in Australia.
Former federal senator Stephen Conroy serves as a company director, while former Crown Resorts chair Robert Ranking previously acted as chair.