A former Adelaide concert promoter has been arrested and charged with 20 counts of theft.
Phil Rankine is alleged to owe $5.5 million to local and overseas victims.
Rankine brought acts such as Florence + The Machine, Phil Collins and Bon Jovi to South Australia, but his business unravelled last year when one of his companies, Space Touring, lost a Federal Court bid to have a debt claim set aside.
Space Touring was wound up, while another of his companies, Space Events, was taken over by Chugg Entertainment.
A creditor’s report into three of Rankine’s companies estimated as much as $20 million could be owed to investors and trade creditors including former Crows player Mark Ricciuto and members of the Kidman family.
The consortium of eight overseas investors allege that Rankine’s Space Production owed them just under $4 million which was put up to finance the Florence and the Machine and Phil Collins concerts.
“It will be alleged the man committed the thefts by obtaining money from the victims which was to be used for various high profile Adelaide events,” said South Australian Police.
“Serious and Organised Financial Crime Investigation Section Detectives are continuing the investigation and further charges may be laid.’’