The former CEO of Japara Holdings, which has about 2800 aged care beds across Australia, has alleged Japara Aged Care and Retirement Property Trust, which owns the homes managed by the group, failed to pass on $7.83 million in accommodation bonds paid by residents. Arnan Rouse also alleges the trust borrowed $100 million from the group in order to pay distributions to unit holders despite telling investors payments were made from cash earnings.
Think big. Think care campuses.
The gnarly problem: the lack of new ageing accommodation infrastructure over 20 years has hit the Baby Boomer demand bubble. Bad outcomes for old people are accelerating. Planning approval hurdles are cited as the root cause. Delay and bureaucratic...