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Counsel said it had been further agreed that as part of the settlement all previous orders granted against Mr Wickham, including the freezing orders, are to be vacated. However, counsel said that, from the liquidator’s perspective, there were mitigating factors the court should take into account, including the fact Mr Wickham is now co-operating with Mr Kirby. Mr Wickham should be given a discount of between 40 per cent to 50 cent.
Mr Wickham added that the case had attracted significant media coverage, which he said has affected his reputation. Mr Kirby also claimed Mr Wickham misapplied customers’ money to various entities for improper purposes including making unlawful payments for his own personal benefit. Mr Kirby alleged IGSB’s business was operated on the basis that customers would transfer their money to the company to buy gold and silver on their behalf, believing it would be sold off at a higher price to generate a profit.