Firepower and 'stooge' boss in Navy party claims
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Ross Graham invested $20 million in Firepower. (ABC)
The largest shareholder in fuel additive company Firepower has called for the business to be shut down, labelling its founder Tim Johnston "a stooge".
The call came as Defence Minister Joel Fitzgibbon said he would look into claims that Firepower used a Royal Australian Navy frigate for the official launch of the Sydney Kings basketball team in 2006.
At an informal shareholders meeting last night, main shareholder Ross Graham said he had invested $20 million in Firepower because he believed in the product.
Mr Graham said Mr Johnston misled him.
"I've got my suspicions. I hear these stories about offshore money, and a lot of money being plastered all around the place," he said.
"I can't believe he's spent all this money, although in saying that he can bloody spend money. I saw that, and he's still spending it."
It is estimated Firepower, which was the major sponsor of Super 14 rugby union side Western Force, has 1,200 shareholders who are owed $100 million.
Liquidator Bryan Hughes says he believes Mr Johnston has made tens of millions of dollars from Firepower.
Mr Johnston has been difficult to contact.
Sue Petersen and her family invested about $600,000 and hope to claw back some of the losses.
"We're definitely going to try what we can because we want to see these people come to justice," she said.
Litigator IMF is considering a class action.
Mr Fitzgibbon has asked for a briefing over a report in Fairfax newspapers which says HMAS Sydney was used for the official launch of the Sydney Kings basketball team in September 2006.
The report says senior Defence officials were investors in Firepower, which sponsored the Kings.
It says the function was attended by sponsors' representatives, merchant bankers and others who were served food and drinks by uniformed sailors.
