Advisers acted in best interest

A FORMER attorney and advisers of Noosa millionaire Roger Hack said they acted on the instructions and in the best interests of the 80-year-old, who now suffers from dementia, when dealing with his fortune.

In stories run in the Daily in June and August, Mr Hack's son, Richard questioned where millions of his father's $29 million fortune had gone.

Mr Hack received the money in 2003, when he sold land overlooking Noosa's Hastings Street.

In June, Mr Hack's attorney resigned and the Public Trustee of Queensland and Adult Guardian were appointed.

Despite two of the advisers being approached at the time by the Daily, they declined to comment.

However, they have since made a statement to the Daily detailing their involvement with Mr Hack.

They said in 2004, Mr Hack gifted $17 million of his fortune to his three children, a claim confirmed this week by Richard Hack.

Problems between Mr Hack and Richard Hack had been escalating since 2003, they said, and in 2005 Mr Hack decided he no longer wanted his children involved in his financial affairs.

Then, in 2007, as a result of actions taken by his children, Mr Hack instructed his legal and accounting advisers he did not wish his children to benefit from his remaining funds, and wanted a trust structure put in place that would ensure they would not get his money.

According to the former advisers, Mr Hack feared for his safety, which resulted in him taking out an order against his children in 2007.

They said the trust structure established by Mr Hack remained, with his accounting and legal advisers excluded as beneficiaries.

Claims made by Richard that Mr Hack's will had not been provided to his children were also refuted.

The former advisers said the children had been provided with a copy of the will.

They said full financial statements regarding the dealings of the trusts had been made available.

They said Mr Hack's children had started two separate sets of Supreme Court proceedings, one of which was against their father, but in both instances chose not to prosecute either action to their conclusion.

Mr Hack lives in Kilkivan. His personal care is now being administered by the Adult Guardian.

Richard, who has been in regular contact with his father since June, 2010, said Mr Hack's dementia had advanced significantly and his current recollection of events since 2004 was poor.

Little splash of colour

Little splash of colour

The Clermont Peace Pole project has brought colour to the community.

Help shape the future of the arts

Help shape the future of the arts

Have your say on the future of the arts in the Central Highlands.

Five things to do in the region

Five things to do in the region

Five things to do in the Central Highlands.

Local Partners