Zash Ventures: Another Scam By Peter Terrill?
Zash Ventures is an early-stage capital firm which focuses on working with proven entrepreneurs and growth-stage companies to build and scale ventures. The Managing Director of this company is Peter Terrill.
Zash Ventures is based in Melbourne, Australia. Its office is located at Level 8/412 St Kilda Rd, Melbourne VIC 3004, Australia.
Its Managing Director, Peter Terrill is highly notorious as a finance professional.
Zash Ventures claims to help investors maximize their wealth and help entrepreneurs succeed through high value disruptive ideas.
They claim that they may be new but their foundation team has been on this journey for years.
What they fail to mention is that the founder of Zash Ventures, Peter Terrill has a history of running fraudulent investment firms.
Zash Ventures is not his first venture. However, his last ventures were ridden with controversies as investors lost millions.
The next section of this Zash Ventures review will shed more light on the history of Peter Terrill:
Peter Terrill Zash Ventures: History of Running Fraudulent Investment Firms
In 2019, Peter Terrill of Zash Ventures made headlines when his boutique investment firm was caught lying.
The firm promised benchmarked returns to its clients. However, some clients accused it of falsely implying that it had financial backing from the private equity titan Blackstone Capital.
Jason Mistry, former chief of institutional investments, alleged that C2 Capital Investor Channels used to rely on ‘fraudulent documents’ which suggested it had access to millions of dollars in credit from HSBC, Wintershall Holding and Blackstone Capital.
Note that Wintershall Holding is another giant firm and has a prominent reputation in the industry.
Peter Terrill of Zash Ventures was the head of C2 Capital Group at that time.
When Peter Terrill of Zash Ventures Threatened Mistry
Mistry said that he had brought these documents to the attention of Peter Terrill. However, Peter told him to keep the matter secret and not tell other directors.
Later, when Mistry raised his concerns again, Peter Terrill fired him.
Note that C2 Capital Group was an alternative asset funds and investment management platform with offices in Singapore, Melbourne and Sydney.
Mistry alleged that he had concerns about the firm’s agreement for a life of credit. He noticed that the term sheet had a ton of “wooly language”. Furthermore, it referenced a website “Blackstone Fund Pty Ltd” implying that the issuer was Blackstone Capital.
When Mistry visited the website of Blackstone Fund Pty Ltd, it had no links to the official Blackstone Capital’s website. In fact, it didn’t even have any contact details or staff names.
According to his statement of claim in the Federal Circuit Court, it was merely a ‘badly written one-page website’.
Furthermore, the director at C2 Capital South-East Asia, Akiva Kremnizer had assured Mistry that the founder of Blackstone Fund (Dr Andrea Leta) was a senior partner at Blackstone Capital.
However, Dr Leta had no connection to the reputed giant.
When Mistry raised concerns about the firm’s funding, Kremnizer allegedly provided him with a black letter of credit from HSBC and email from their chief risk officer Mark Moses.
Moreover, he showed him a letter from Wintershall Holding, certifying their willingness to provide a letter of credit worth $14 million.
Allegedly, Peter Terrill Told Mr Mistry “There will be consequences” if he told anyone else about the fraudulent information
Mistry didn’t trust the HSBC email. So, he confirmed with the bank and he learnt it was illegitimate.
Later, he told Managing Partner Peter Terrill to investigate the matter and inform the regulator and the directors. However, he responded by saying that he wanted to ‘eyeball’ Kremnizer to find out the truth.
What’s worse is that the current Managing Director of Zash Ventures warned Mistry that if he told the other directors “there would be consequences”.
Over the coming months, Mistry kept raising concerns about this shady practice.
In the morning of February 20, Mistry complained he felt uncomfortable about the fact that other directors didn’t know how Kremnizer had passed on fake documents. He also didn’t like how Peter Terrill had asked him to keep those documents a secret.
At 1:17 PM that day, Peter Terrill of Zash Ventures told Mistry that he was not convinced the credit documents were illegitimate and as the sole director, it was up to him to decide whether to share this information with ‘unrelated parties’.
Allegedly, he told Mistry that he shouldn’t concern himself with the legitimacy of the credit documents.
Around 30 minutes later, the company fired Mistry. They told him his position had become redundant due to significant challenges in gaining and winning the support of institutional and family offices.
Mistry alleged that C2 Capital fired him for raising concerns over the illegitimate credit documents.
However, Peter Terrill didn’t respond to any of the claims saying it would be a factual dispute.
Peter Terrill Remi Capital: A $100 Million+ Collapse, Dismissal and
Later, Peter Terrill of Zash Ventures changed the name of C2 Capital Group into Remi Capital Group.
The company collapsed this year as it owed $124 million with no auditors and no income-generating assets. According to the administrators of the firm, it was insolvent since it started.
In other words, when Peter Terrill started Remi Capital Group, he knew the company’s fundraising schemes were flawed. But he did it anyway.
In June 2022, the administrators told the investors the company had raised millions of dollars over 5 years from hundreds of investors. The company had raised these funds for property developments and promised them guaranteed quarterly returns on a 12-month term.
However, they collapsed in May 2022 when they owed $62 million to 400+ investors, $22 million in secured debts, $30 million in related entity loans and $6 million to the Australian Taxation Office.
Furthermore, the company owed millions to landlords and its staff.
The Australian Securities and Investments Commission has started looking into the matter.
According to the initial investigations, Remi Capital Group only used 20-30% of its investors’ money to buy properly. It spent around 69% of those funds on operational expenses and 11% on commission and risk fees.
“Remi Capital Group did not complete one property project in its 4 years of existence and Peter Terrill was its Managing Director for 3 of them”
The company needed to borrow from lenders at high rates to purchase the required properties. However, it lost money on the land it sold as well.
According to the investigation, the company did not purchase one single income-producing asset. Hence, it didn’t complete even one property project.
Peter Terrill had founded Remi Capital as C2 Capital in 2018. The administrators’ initial investigation revealed that even at its inception, the company had $3 million in equity but $60 million debt.
Furthermore, it raised capital through short-term debt from investors on 12-month loan notes. According to the investigators, this was a real mismatch as the company relied on long-term property developments.
Under the leadership of Peter Terrill of Zash Ventures, the company offered its investors interest of 8% per year which it paid quarterly. Also, it had a maturity rate of 5% at the end of 12 months when investors could call back their debt.
Peter Terrill Didn’t Get an Auditor for Remi Capital aka C2 Capital When He Founded the Company
Although he had acquired an Australian Financial Services License as an authorized representative, the company didn’t perform the required audits when it raised funds from retail investors.
Because Peter Terrill of Zash Ventures never appointed an auditor, there were no audited financial statements.
Under Terrill’s leadership, the company raised $84 million from investors while it raised the rest under Mr Prestige.
After the company fired Peter, he founded Zash Ventures.
Conclusion: Should You Trust Zash Ventures?
Clearly, Zash Ventures is not a reliable firm. Its leader ran a multi-million scam which is facing heat from the ASIC itself.
Furthermore, he faced a lawsuit when he fired another director because he wanted to expose the fraudulent credit documents of his company.
Peter Terrill is not a reliable leader and Zash Ventures is his latest undertaking.
Seeing his past, it would be best for investors and entrepreneurs to steer clear of this firm. The risk to reward ratio with this company is horrible and chances are, only Peter will end up making money.
You should avoid dealing with finance professionals with such history.
For example, Steven Sulley is a carbon credit scammer who defrauded investors with 2 different companies.
Hence, beware of Zash Ventures and Peter Terrill.
Zash Ventures claims to be a professional Foundation Capital firm for entrepreneurs and investors. However, its managing director has a history of running financial scams. Hence, it would be best to avoid dealing with them.
- Shady leadership
- Founder’s last venture was a $100 million+ scam
- Peter Terrill fired a director for questioning illegitimate documents