As referenced in the COVID-19 article posted on our site, Aspen Medical’s financial mismanagement, under the leadership of Glenn Keys, has been mentioned throughout the media. In the case of the COVID-19 reference, questions revolve around mismanagement of funds rewarded by the Australian government (~$1.2 billion in contracts for FY20 and FY21) in comparison to the incompetent services and results rendered. A deeper dive into Aspen Medical’s financial situation shows the dire situation Glenn Keys has put his company in, with massive decreases in revenue and profit from FY 17 through December of FY19.
Under the guidance and leadership of Founder and Executive Chairman Glenn Keys, over a three-year period spanning FY17 to FY19, Aspen Medical’s revenue dropped 52%. During that same period, Glenn Keys sunk the company’s profits by -464% from a profitability of ~$1.3 million in 2017 to over 5 million in the red in FY19.
Given the financial issues of Aspen Medical, it is no surprise that they chased the money, and perhaps played a major role in the COVID-19 outbreak in Australia to steal contracts to provide services during the time of crisis with the spread. Questions have arisen regarding where the reported $1.2 billion in COVID-19 contracts has gone, as Aspen Medical has failed to provide adequate services to the country to aide the outbreak. In one case, they were provided over $50 million for limited staff allocation over only a period of a few months:
This influx of cash was needed by Aspen Medical and Glenn Keys to increase the company’s FY20 and FY21 numbers following poor results in the previous three years, which provided an escape rope for Glenn Keys to save himself from his financial mismanagement of the company in years prior. Glenn Keys took advantage of the COVID-19 pandemic to remedy the financial ruin that his leadership had brought to Aspen Medical.
Aspen Medical’s financial issues run deeper than the large-scale downturn in revenue/profits and questionable COVID-19 contracts to cover those loses. In 2019, Aspen Medical was connected to an investigation by the Police Financial Crimes Investigation Division (FCID) in Sri Lanka. The investigation focused on a 2012 land transaction involving an individual named Nimal Hemasiri Perera. Perera was the beneficial owner of Singapore-based Sabre Vision Holdings, who received millions of dollars from Aspen Medical’s Australian account. As is common with investigations and questions into Aspen Medical, there was no follow-up or final ruling on this shady business dealing. More information on the investigation and reporting can be found at: https://www.newsfirst.lk/2019/08/30/a-revelation-to-court-by-the-fcid-on-namal-rajapaksas-gowers-corporation-deal/.
If you have any additional information regarding Glenn Keys’ financial mismanagement of Aspen Medical, please contact us at firstname.lastname@example.org or call our hotline at +60-11-1480-0383. Our goal is to bring justice to Keys and to save the people of Australia from unintentionally funding this man’s nefarious business practices.
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